Financing ·
Wheeler Real Estate signs Note Purchase Agreement for up to $25M in convertible notes
WHLRWheeler Real Estate Investment Trust, Inc.
Wheeler Real Estate Investment Trust entered into a Note Purchase Agreement with an unaffiliated investor, establishing terms for the issuance of promissory notes. The company may issue additional notes in $1 million denominations, reaching a maximum aggregate principal amount of $25 million. These 7% subordinated convertible notes mature in 18 months and bear no interest; instead, they amortize daily via shares of common stock valued at the prior day's closing price, with cash payments if specific conditions are not met. Closing is contingent on stockholder approval for potential share issuance exceeding 19.99% of outstanding common stock and SEC registration effectiveness. Wheeler Real Estate Investment Trust operates in the real estate investment trust sector, focusing on acquiring and managing multifamily residential properties.