Wheeler REIT adjusts convertible note conversion price to $1.90, issues common for preferred

Wheeler Real Estate Investment Trust, Inc.

Issued 429k common shares to two investors in exchange for 33k Series D and 66k Series B preferred shares on Dec 5 and 8, 2025.
Issued additional 451.2k common shares to a third investor for 37.6k Series D and 75.2k Series B preferred on Dec 8, 2025.
Conversion price of 7% Subordinated Convertible Notes due 2031 lowered from ~$3.48 to ~$1.90 per share, a 45% discount.
Processed 3 redemption requests for 12,700 Series D shares at ~$42.62 per share, settled with 157,093 common shares.
As of Dec 8, 2025, outstanding common shares 1,783,599 and Series D preferred 1,519,144.

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