Wheeler Real Estate Investment Trust, Inc. Completes $18 Million Offering of Series B Preferred Stock and Warrants
April 29 2014 - 4:59PM
Business Wire
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”), a company specializing in owning,
acquiring, financing, developing, renovating, leasing and managing
income producing assets, such as community centers, neighborhood
centers, strip centers and free-standing retail properties, has
completed its previously announced public offering of Series B
Convertible Preferred Stock (“Preferred Stock”) and Warrants to
purchase common stock (the “Warrants”). The financing closed on
April 29, 2014, and has generated gross proceeds of $18
million.
Jon S. Wheeler, Chairman and Chief Executive Officer commented,
“We are delighted with the outcome of this offering and the
response it received. We believe that there is a steady pipeline of
properties available in the secondary and tertiary markets and
expect to maximize the use of the proceeds raised. We will continue
to invest in properties that fit our acquisition criteria of
'necessity based' shopping centers that are acquired under
favorable terms, therefore adding value for our shareholders. We
feel that this offering has provided additional opportunities for
the Company and its shareholders to benefit and I appreciate all
those that have contributed.”
The Company intends to use a portion of the net proceeds from
the offering to acquire three properties, as described in the
prospectus related to this offering which is available through the
SEC’s website at www.sec.gov. The Company will use the remaining
proceeds towards the purchase of future acquisitions and general
working capital.
The Preferred Stock and Warrants will begin trading Wednesday,
April 30, 2014 on the Nasdaq Capital Market under the symbols
“WHLRP” and “WHLRW”, respectively.
Maxim Group LLC and Newbridge Securities Corporation acted as
joint book-running managers of the offering. National Securities
Corporation and MLV & Co. were the lead managers of the
offering.
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. specializes in owning, acquiring, financing,
developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip
centers and free-standing retail properties. Wheeler’s portfolio
contains strategically selected properties, primarily leased by
nationally and regionally recognized retailers of consumer goods
and located in the Northeast, Mid-Atlantic, Southeast and Southwest
regions of the United States.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward-looking
statement
This press release includes forward-looking statements regarding
the financing plans of the Company, including statements related to
Wheeler's offering of Preferred Stock and Warrants. Any statement
describing the Company’s expectations, financial or other
projections is a forward-looking statement and should be considered
an at-risk statement. Specifically, statements herein relating to
the Company’s contemplated and other potential future property
acquisitions are forward-looking statements. Such statements are
subject to certain risks and uncertainties. Wheeler’s
forward-looking statements also involve assumptions that, if they
never materialize or prove correct, could cause results to differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are not historical
facts but are the intent, belief or current expectations of
management based on its knowledge and understanding of the business
and industry. As a result, investors are cautioned not to rely on
these forward-looking statements. These and other risks concerning
Wheeler are described in additional detail in the Company’s annual
report on Form 10-K for the year ended December 31, 2013, which is
on file with the SEC. Copies of these and other documents are
available from the Company.
Wheeler Real Estate Investment Trust
Inc.Robin Hanisch, 757-627-9088Corporate
Secretaryrobin@whlr.usorInvestor Relations:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wheeler Real Estate Inve... (NASDAQ:WHLR)
Historical Stock Chart
From Jul 2023 to Jul 2024