Wheeler Real Estate IT (NASDAQ:WHLR) stock is rising on Wednesday after the real estate investment trusts (REIT) company announced plans to distribute unregistered shares.
A press release from the company reveals that it will likely issue unregistered shares of WHLR stock to cover redemptions of Series D Preferred Stock in December. The company says that this is due to the low price of common stock and the volume of shares that are already registered for redemption.
Redemption of the company’s Series D Preferred Stock is set to take place on Dec. 5, 2023. Considering the current state of affairs, Wheeler Real Estate IT is planning to cover all of these redemptions with unregistered shares. The company says it intends to register those shares at a later date.
WHLR Stock Reactions Today
Following this announcement, shares of WHLR stock are seeing heavy trading on Wednesday. That has more than 11 million shares of the REIT company’s stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is well below that at about 4.1 million shares.
WHLR stock is up 37.2% as of Wednesday morning. That builds on a 52.5% rally the stock saw yesterday. However, Wheeler Real Estate IT’s shares are still down 97.5% year-to-date as of Tuesday’s close.
Investors on the lookout for even more of the most recent stock market stories today are going to want to keep reading!
We have all of the latest stock market news that traders need to know about on Wednesday! Among that is why shares of Avenue Therapeutics (NASDAQ:ATXI) stock are up, the biggest pre-market stock movers this morning and more. All of that is ready to go at the links below!
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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.
