Wheeler REIT cuts convertible note conversion price to $2.73 after Series D redemptions
Wheeler Real Estate Investment Trust settled its October 5, 2026 Series D preferred redemptions by issuing 46,133 shares of common stock, and it issued 161,700 common shares on September 30 to Stilwell Activist entities in exchange for Series B and Series D preferred stock. Because the lowest conversion price in October was about $4.96, the conversion price on its 7.00% Subordinated Convertible Notes due 2031 was adjusted to about $2.73 per share, a 45% discount to $4.96. The share issuances add to the common share count, and the Stilwell transaction involves a company director.
Key points
- October 5, 2026 redemption: eight requests redeemed 5,450 Series D preferred shares at about $41.96 per share, settled with 46,133 common shares
- September 30, 2026: 161,700 common shares issued to Stilwell Activist Investments, L.P. and Stilwell Activist Fund, L.P. for 30,800 Series B and 7,700 Series D preferred shares; no cash proceeds; director Joseph Stilwell is linked to the in
- Notes conversion price adjusted to about $2.73 per share (about 9.17 shares per $25.00 of principal)
- As of October 5, 2026: 1,506,932 common shares and 1,703,374 Series D preferred shares outstanding; next Holder Redemption Date is November 5, 2026
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.