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Wheeler Real Estate Investment Trust, Inc. (WHLR) stock has plummeted to a 52-week low, trading at $1.20, with a market capitalization now at just $0.44 million. According to InvestingPro data, the company maintains a gross profit margin of 66.44% despite recent challenges. This significant drop reflects a tumultuous period for the company, which has seen its share value erode dramatically over the past year. The 52-week low marks a stark contrast to the stock’s performance in the previous year, with WHLR experiencing a staggering 1-year change of -99.77%. Technical indicators from InvestingPro suggest the stock is in oversold territory, trading at a relatively low EBITDA multiple of 11.43x. Investors are closely monitoring the company’s financial health and market position, as the current price level raises concerns about the underlying factors contributing to the stock’s sharp decline. The company’s current ratio of 2.59 indicates that liquid assets exceed short-term obligations, though profitability remains a challenge with negative earnings per share of -$119.98 over the last twelve months.
In other recent news, Wheeler Real Estate Investment Trust, Inc. announced several adjustments and strategic moves involving its financial instruments and stock structure. The company has adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031, a change prompted by redemptions of its Series D Cumulative Convertible Preferred Stock. Previously set at approximately $3.88 per share, the conversion price has been revised to about $0.91 per share, increasing the number of common shares issued per $25.00 principal amount converted. This adjustment follows multiple redemption requests, with Wheeler REIT issuing a significant number of common shares to settle these redemptions.
Additionally, Wheeler REIT has announced a one-for-four reverse stock split of its common stock, effective January 28, 2025. The reverse split aims to consolidate outstanding shares, with adjustments made to the conversion rates and prices for the company’s convertible securities and preferred stocks. In a separate move, Wheeler REIT completed an unregistered equity swap, exchanging common stock for Series D and Series B Convertible Preferred Stocks, which were subsequently retired and canceled.
These developments reflect Wheeler REIT’s ongoing efforts to manage its capital structure and provide liquidity to its preferred stockholders. The company has processed numerous redemption requests, issuing millions of common shares in settlement. These actions are part of Wheeler REIT’s strategy to restructure its capital, as detailed in recent SEC filings and press release statements.
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