Wheeler Real Estate Investment Trust, Inc. Completes $18.0 Million Offering of Series B Preferred Stock and Warrants
September 18 2014 - 8:30AM
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
September 17, 2014, and generated gross proceeds of $18.0
million.
Jon S. Wheeler, Chairman and Chief Executive Officer commented,
“With the success of this offering and the additional liquidity, we
expect to take advantage of the ample opportunities that exist to
acquire properties in the secondary and tertiary markets. Our focus
remains acquiring ‘necessity-based’ shopping centers at below
replacement costs, under favorable terms that will produce steady
revenue and add value to the Company. We would like to thank all
those that participated in the offering and appreciate our
shareholders’ ongoing support.”
The Company intends to use a portion of the net proceeds from
the offering to acquire the 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 future acquisitions and general working
capital.
The Preferred Stock and Warrants trade 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 with Capitol
Securities Management, Inc. and I-Bankers Securities, Inc. acting
as the co-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.usorLaura Nguyen, 757-627-9088Director of
Marketinglnguyen@whlr.usorINVESTOR RELATIONS:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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