Wheeler Real Estate Investment Trust Inc.
07/01/2024 | Press release | Distributed by Public on 07/01/2024 14:58
Material Event Form 8 K
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.