Wheeler Announces Reverse Stock Split

About this update from Wheeler Real Estate Investment Trust, Inc.

[{"type":"text","content":"VIRGINIA BEACH, VA / ACCESSWIRE / August 7, 2023 / Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (\"Wheeler\" or the \"Company\"), today announced that its Board of Directors unanimously approved a one-for-ten reverse stock split (the \"Reverse Stock Split\") of the Company's issued and outstanding shares of common stock, $0.01 par value per share (the \"Common Stock\").The Reverse Stock Split is expected to take effect as of 5:00 p.m., Eastern Time, on August 17, 2023 (the \"Effective Time\"). Accordingly, at the Effective Time, every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock.At the market open on August 18, 2023 (the first business day after the Effective Time), the Common Stock is expected to begin trading on a split-adjusted basis on The Nasdaq Capital Market under a new CUSIP number.No fractional shares will be issued in connection with the Reverse Stock Split. Instead, each stockholder that would hold fractional shares as a result of the Reverse Stock Split will be entitled to receive, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Stock on The Nasdaq Capital Market on August 17, 2023 (as adjusted for the Reverse Stock Split), without any interest.The Reverse Stock Split will apply to all of the outstanding shares of Common Stock as of the Effective Time and therefore will not affect any particular stockholder's relative ownership percentage of shares of Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. The Reverse Stock Split will also not affect the relative voting or other rights that accompany the shares of Common Stock, except to the extent that it results from a stockholder receiving cash in lieu of fractional shares.Stockholders of record will receive information from Computershare Inc., the Company's transfer agent, regarding their stock ownership following the Reverse Stock Split and, if applicable, payments of cash in lieu of fractional shares, without any interest. Stockholders who hold their shares in brokerage accounts or in \"street name\" are not required to take any action in connection with the Reverse Stock Split.The Company and the Board of Directors believe the Reverse Stock Split will help the ...

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