Wheeler Real Estate Investment Trust, Inc. filed two Articles of Amendment with the State Department of Assessments and Taxation of Maryland on September 17, 2026, to implement a one-for-nine reverse stock split of its common stock. The split is set to become effective at 5:00 p.m. Eastern Time on September 21, 2026. As a result of this restructuring, the par value of the common stock will decrease from $0.09 per share to $0.01 per share, effective at 5:01 p.m. on the same day.
The reverse stock split will apply to all outstanding shares of common stock as of the effective time. No fractional shares will be issued; instead, stockholders receiving a fractional share will receive a cash payment equal to the fraction multiplied by the closing price of the common stock on The Nasdaq Capital Market on September 21, 2026, without interest.
As of September 17, 2026, the Company reported having 5,113,901 shares of common stock outstanding. Following the split, the Company anticipates approximately 568,211 shares will remain outstanding. The trading symbol will remain WHLR, but the CUSIP number will change to 963025721. Trading on a split-adjusted basis is scheduled to begin on September 22, 2026.
The reverse stock split will also adjust the terms of the Company's convertible securities. The conversion rate for the 7.00% subordinated convertible notes due 2031 will be reduced from approximately 46.43 shares per $25.00 principal amount to approximately 5.16 shares per $25.00 principal amount. Additionally, the conversion price for the Series B Preferred Stock will increase proportionally to $2,612,736,000,000 per share of common stock, and the conversion price for the Series D Cumulative Convertible Preferred Stock will increase to $1,107,800,064,000 per share of common stock.
