Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR), a Maryland-based real estate investment trust, has announced the appointment of Rebecca Musser to its Board of Directors. Effective Today, Musser will also join the Audit Committee of the Board, with her term extending until the company's 2025 annual meeting of stockholders.
The announcement, made in a filing with the Securities and Exchange Commission on Monday, August 12, 2024, confirms that the Board has determined Musser meets the independence criteria set by the Nasdaq Stock Market and the SEC for Audit Committee service. Musser's compensation aligns with the existing policies for non-employee directors of Wheeler REIT, detailed in the proxy statement filed with the SEC on March 22, 2024.
According to the company's statement, there are no other arrangements or understandings between Musser and any other persons related to her appointment. Additionally, she does not have any material direct or indirect interest in any transactions with the company that would require disclosure under Item 404(a) of Regulation S-K, nor are any such transactions proposed.
Musser's election comes amidst a period of activity for Wheeler REIT, as the company continues to navigate the real estate investment landscape. Her experience and independent status are expected to contribute to the governance and oversight of the company's financial reporting and compliance.
In other recent news, Wheeler Real Estate Investment Trust, Inc. has announced significant adjustments to its financial strategy and stock structure. The company reported a change in the conversion price of its 7.00% Subordinated Convertible Notes due 2031, following the redemption of its Series D Preferred Stock. The conversion price was adjusted to around $4.03 per share, which represents a 45% discount to the previous level.
Wheeler REIT also reported the approval of its S-11 registration statement by the Securities and Exchange Commission, allowing for the issuance of over 20 million shares of common stock. These shares will be used for the redemption and conversion of its Series D Cumulative Convertible Preferred Stock. The company also announced a shift in its reverse stock split strategy, moving from a one-for-six to a one-for-five reverse stock split, which may lead to non-compliance with Nasdaq’s Publicly Held Shares Rule due to a reduced number of publicly held shares.
InvestingPro Insights
As Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) welcomes Rebecca Musser to its Board of Directors, the company's financial health and stock performance remain a focal point for investors. According to InvestingPro data, Wheeler REIT has a market cap of approximately $3.69M, with a notable revenue growth of 6.98% over the last twelve months as of Q2 2024. This suggests a resilient operational performance despite market challenges.
InvestingPro Tips indicate that the stock is currently in oversold territory, which could be of interest to investors looking for potential entry points. Additionally, with liquid assets surpassing short-term obligations, the company appears to have a solid footing to manage its immediate financial responsibilities. It's important to note, however, that Wheeler REIT has not been profitable over the last twelve months and does not pay a dividend to shareholders, which may influence investment strategies.
For those considering Wheeler REIT as an investment, the volatility of the stock is a critical factor to bear in mind. The stock has experienced significant price fluctuations over the last week, month, and year, underlining the importance of risk tolerance in investment decisions. For more detailed analysis and additional InvestingPro Tips, investors can visit InvestingPro's dedicated page for Wheeler REIT at https://www.investing.com/pro/WHLR.
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