WHLR Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's about to kick WHLR off the exchange, they're scrambling to fix it.

AI Summary

Wheeler Real Estate Investment Trust, Inc. (WHLR) announced on June 28, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company is currently evaluating its options to regain compliance.

Why It Matters

This notice suggests potential delisting from Nasdaq, which could significantly impact the liquidity and trading of WHLR's stock.

Risk Assessment

Risk Level: high — Failure to meet listing requirements and potential delisting poses a significant risk to the company's stock trading and investor confidence.

Key Players & Entities

• Wheeler Real Estate Investment Trust, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange
• June 28, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share WHLR Nasdaq Capital

Filing Documents

• whlr-20240628.htm (8-K) — 42KB
• 0001527541-24-000122.txt ( ) — 214KB
• whlr-20240628.xsd (EX-101.SCH) — 2KB
• whlr-20240628_def.xml (EX-101.DEF) — 16KB
• whlr-20240628_lab.xml (EX-101.LAB) — 29KB
• whlr-20240628_pre.xml (EX-101.PRE) — 17KB
• whlr-20240628_htm.xml (XML) — 5KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. Notification of Listing Deficiency On June 28, 2024, Wheeler Real Estate Investment Trust, Inc. (the " Company ") received a letter (the " Notice ") from the listing qualifications staff (the " Staff ") of The Nasdaq Stock Market LLC (" Nasdaq ") notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(a)(4), which requires the Company to have a minimum of 500,000 "Publicly Held Shares" (defined in Nasdaq Listing Rule 5005(a)(35) as "shares not held directly or indirectly by an officer, director or any person who is the beneficial owner of more than 10 percent of the total shares outstanding"). The Company has until July 12, 2024 to submit to Nasdaq a specific plan to achieve and sustain compliance. The Notice has no immediate effect on the listing of the Company's common stock, par value $0.01 per share (the " Common Stock "), which continues to trade on The Nasdaq Capital Market under the symbol "WHLR." However, an indicator reflecting the Company's non-compliance will be broadcast over Nasdaq's market data dissemination network and will also be made available to third party market data providers. Plan of Compliance The Company will submit to Nasdaq its specific plan to achieve and sustain compliance by July 12, 2024. In the event the plan is not accepted by Nasdaq, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel (the " Hearings Panel "). Under Nasdaq Listing Rule 5815(a)(1)(B), a timely request for a hearing will ordinarily stay the suspension and delisting action pending the issuance of a written Hearings Panel decision.

01 Other Events

Item 8.01 Other Events. Filing of Registration Statement On July 1, 2024, the Company filed with the Securities and Exchange Commission a registration statement on Form S-11 (the " Registration Statement ") to register 20,704,217 shares of Common Stock issuable upon future redemptions and conversions of the Company's Series D Cumulative Convertible Preferred Stock (the " Series D Preferred Stock "). The Company anticipates that, once the Registration Statement is declared effective, the Company will issue registered shares of Common Stock to settle future monthly Series D Preferred Stock redemptions. Updated Redemption FAQs On July 1, 2024, the Company updated the Frequently Asked Questions relating to the redemptions of the Series D Preferred Stock (the " Redemption FAQs ") that are available on its website at https://ir.whlr.us/series-d/series-d-redemption-faq. As previously disclosed, the December 2023, January 2024 and February 2024 redemptions of Series D Preferred Stock were settled in the form of unregistered Common Stock (" Unregistered Common Stock "). The Redemption FAQs were updated to, among other things, explain the process for Holders of Unregistered Common Stock to remove the restriction from their shares of Unregistered Common Stock if the conditions of Rule 144 of the Securities Act of 1933, as amended, have been met. Information contained on the Company's website is not incorporated by reference into this Current Report on Form 8-K and should not be considered to be part of this Current Report on Form 8-K.

Forward-Looking Statements

Forward-Looking Statements. This Current Report on Form 8-K includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates", "intends", "will" and "would" or the negative of these terms or other words of similar meaning, although not all forward-looking statements contain these identifying words. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Current Report on Form 8-K, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, or to reflect any change in our expectations with regard thereto or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WHEELER REAL ESTATE INVESTMENT TRUST, INC. By: /s/ M. Andrew Franklin Name: M. Andrew Franklin Title: Chief Executive Officer and President Dated: July 1, 2024

View Full Filing

View this 8-K filing on SEC EDGAR