In a challenging year for Wheeler Real Estate Investment Trust Inc., the company's stock has hit a 52-week low, trading at $5.79. According to InvestingPro analysis, the stock's RSI indicates oversold territory, with current market capitalization at just $3.81 million despite maintaining EBITDA of $53.77 million. This latest price point underscores a tumultuous period for the REIT, which has seen its value plummet by an alarming 97.67% over the past year. Investors have watched with concern as WHLR's market position has weakened, reflecting broader sectoral headwinds and company-specific challenges that have eroded shareholder confidence and driven the stock to its current low. While the company maintains a healthy current ratio of 1.3, InvestingPro data reveals 10+ additional key metrics and insights that could help investors better evaluate this volatile situation.
In other recent news, Wheeler Real Estate Investment Trust, Inc. disclosed a significant decision to pay the interest due on December 31, 2024, for its 7.00% Subordinated Convertible Notes due 2031 in the form of Series D Cumulative Convertible Preferred Stock. The company also announced a one-for-two reverse stock split and a decrease in the par value of its common stock as part of strategic adjustments to its financial structure. Wheeler REIT regained compliance with Nasdaq's minimum publicly held shares requirement, resolving a previously disclosed deficiency matter.
Continuing its financial strategy adjustments, Wheeler REIT processed numerous redemptions of its Series D Preferred Stock, issuing common stock in return, and completed an exchange of equity securities, resulting in the retirement and cancellation of certain preferred shares. The firm also adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031, following the redemption of its Series D Preferred Stock.
The Securities and Exchange Commission approved Wheeler REIT's S-11 registration statement, enabling the issuance of over 20 million shares of common stock for the redemption and conversion of its Series D Cumulative Convertible Preferred Stock. In governance news, the company welcomed Rebecca Musser to its Board of Directors. These are recent developments in the company's ongoing adjustments to its financial strategy and stock structure.
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