Wheeler Real Estate looks to sell up to $17.25 million of cumulative preferred stock units

By Stephanie N. Rotondo

Phoenix, March 26 - Wheeler Real Estate Investment Trust Inc. registered $17.25 million of preferred stock units Wednesday, according to an S-1 filed with the Securities and Exchange Commission.

The registration includes 138,000 units - 18,000 of which are part of an over-allotment option - each of which contains five series B preferred shares and six five-year warrants to purchase common stock.

Maxim Group LLC and Newbridge Securities Corp. are the joint bookrunners.

Dividends on the preferreds will be cumulative and payable monthly. Holders will also have an option to convert the preferreds into common stock.

There is also a mandatory conversion feature.

The company intends to invest proceeds from the sale in connection with its acquisition of Contemplated Properties, for future acquisitions and for general working capital purposes.

Wheeler's common stock is listed on the Nasdaq Global Select Market under "WHLR." The company intends to apply to list the preferreds on the Nasdaq under "WHLRP" and the warrants under "WHLRW."

Wheeler is based in Virginia Beach.

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