Wheeler Real Estate Investment Trust, Inc. Announces Conversion of Series C Convertible Preferred Stock
June 15 2015 - 8:33AM
Business Wire
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) today announced the conversion of
93,000 shares of its Series C Mandatorily Convertible Cumulative
Perpetual Preferred Stock, no par value per share (“Series C
Preferred Stock”), into 46,500,000 shares of the Company’s common
stock, $0.01 par value per share (the “Common Stock”), effective as
of Thursday, June 11, 2015.
The Series C Preferred Stock was issued in connection with the
previously announced private placement that the Company completed
in March 2015 that resulted in gross proceeds of $90 million and
the cancelation of $3.0 million in senior convertible debt.
Pursuant to the terms of the Series C Preferred Stock, Wheeler’s
common shareholders voted on and approved the conversion of the
Series C Preferred Stock at the Company’s annual shareholder
meeting on June 4, 2015.
Wheeler’s Chairman and Chief Executive Officer, Jon S. Wheeler
stated, “Our goal since day one as a publicly-traded entity has
been to grow the business and with the conversion of the Series C
Preferred Stock, we have made significant strides in our progress.
We believe the registered common shares will increase the Company’s
liquidity and market capitalization. In addition, we expect this
conversion will enhance awareness of the Company amongst the
investment community and potentially broaden our shareholder base.
The private placement completed in March 2015 was a
transformational event for Wheeler and we have already utilized a
portion of the proceeds to purchase properties in our target
markets, thereby increasing our net operating income. Since
completing the private placement, we have closed on the acquisition
of Alex City Marketplace, Butler Square and Brook Run. We believe
we acquired these properties at a discount to replacement cost
under attractive financing terms and currently have several
properties under contract that we anticipate will be acquired for
similar terms and that will also contribute to the improvement of
our capital structure and growth.”
As of the date of this release, Wheeler has 54,341,196 shares of
common stock issued and outstanding.
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring and
managing income-producing retail properties with a primary focus on
grocery-anchored centers. Wheeler’s portfolio contains
well-located, potentially dominant retail properties in secondary
and tertiary markets that generate attractive risk-adjusted
returns, with a particular emphasis on grocery-anchored retail
centers.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward-looking
Statement
The Company considers portions of the information in this press
release relating to contemplated and other potential future
property acquisitions, anticipated increase in the Company’s
liquidity, market capitalization and net operating income, business
operations, benefits from the acquisition of properties,
acquisition strategy and its target markets to be forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
both as amended. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. For additional factors that could cause
the operations of the Company to differ materially from those
indicated in the forward-looking statements, please refer to the
Company's filings with the U.S. Securities and Exchange Commission
which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20150615005746/en/
Wheeler Real Estate Investment Trust,
Inc.Robin Hanisch, (757) 627-9088Corporate
Secretaryrobin@whlr.usorLaura Nguyen, (757) 627-9088Director of
Capital Marketslnguyen@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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