VIRGINIA BEACH, VA—Wheeler REIT has priced and sold 720,000 shares of its Series B convertible preferred stock and warrants in order to purchase 864,000 shares of its common shares.
The offering consisted of 144,000 units priced at $125 per unit, for $18 million. Investors will be able to purchase one share of the common stock at an exercise price of $5.50 per share.
The preferred stock will have an interest rate of 9% per year and a conversion price of $5.00 per share of common stock.
Maxim Group LLC and Newbridge Securities Corp. are acting as joint book-running managers of the offering. National Securities Corp. and MLV & Co. are acting as lead managers with Capitol Securities Management and I-Bankers Securities listed as the co-managers of the offering.
Earlier this month the REIT announced it had opened a regional office in Charleston, SC to provide leasing and property management services to 10 of its properties, as well as future acquisitions in the Southeast.
"The Southeast region is an area that we know very well and one that we feel will provide potential future growth for the company," says CEO Jon S. Wheeler in a prepared statement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
