Wheeler Real Estate IT (NASDAQ:WHLR) stock is soaring higher on Wednesday without any new news from the commercial real estate investment trust (REIT).
The company hasn’t made any filings with the Securities and Exchange Commission or put out any press releases that would act as a catalyst for today’s movement. Likewise, there’s no new analyst coverage of the stock that would explain today’s rally.
The only recent news from Wheeler Real Estate IT comes from last week with it considering calling a special meeting of shareholders. It would do so to have them vote on allowing the Board to enact a reverse stock split.
A reverse stock split would make sense as the company’s shares currently only trade for about 17 cents each. That’s well below the $1 minimum bid required to remain on the Nasdaq Exchange. That means a reverse stock split could boost to share price to help it avoid delisting.
WHLR Stock Movement on Wednesday
One thing that is worth noting on Wednesday is Wheeler Real Estate IT’s pre-market trading activity. WHLR stock is seeing heavy trading this morning with some 8 million shares on the move. That’s already well above its daily average trading volume of about 2.4 million shares.
WHLR stock is up 31.4% as of Wednesday morning.
Investors looking for more of the most recent stock market news will want to stick around!
We’ve got all of the hottest stock market happenings traders need to know about on Wednesday! Among that is what has shares of AgileThought (NASDAQ:AGIL) stock up today, the biggest pre-market stock movers this morning and more. All of that is ready to go at the links below!
More Stock Market News for Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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