Wheeler REIT Redeems 7,100 Series D Preferred Shares for 403K Common, Adjusts Note Conversion Price to $0.40

summarizeSummary

Wheeler REIT redeemed 7,100 Series D preferred shares for 403,236 common shares in August and reset its convertible note conversion price to $0.40, a 45% discount to the Series D conversion price, deepening dilution risk.

check_boxKey Events · Financing and Capital Events · WHLR

• August Redemptions

  In August, 7,100 Series D preferred shares were redeemed for 403,236 common shares at a redemption price of ~$41.29 per share, based on a 10-day VWAP of ~$0.73.

• Note Conversion Price Reset

  The conversion price of the 7.00% Subordinated Convertible Notes due 2031 was adjusted to $0.40 per share—a 45% discount to $0.73—equating to ~62.52 shares per $25.00 principal amount.

• Cumulative Dilution

  To date, 1,819,028 Series D shares have been redeemed for ~496,000 common shares; outstanding common shares now stand at 2,434,904, up from ~160,000 at year-end 2025.

• Next Redemption Date

  The next redemption date is September 8, 2026, with a submission deadline of August 25, 2026.

auto_awesomeAnalysis · WHLR · Real Estate & Construction

The monthly Series D preferred stock redemptions continue, with 403,236 common shares issued in August for 7,100 preferred shares. Adding to the dilution risk, the conversion price on the 7.00% Subordinated Convertible Notes due 2031 was reset to $0.40—a 45% discount to the $0.73 Series D conversion price—meaning noteholders can now convert each $25.00 of principal into about 62.5 common shares. With the stock trading at $0.48, this deeply discounted conversion price creates significant potential dilution and downward pressure. Cumulative redemptions have now reached 1.82 million preferred shares for 496,000 common shares, but the outstanding common share count has ballooned to 2.43 million, reflecting the massive dilution from this program. The next redemption date is September 8, 2026, with a submission deadline of August 25.