Wheeler warns of potential share registration shortfall for July preferred redemptions

Filed June 8, 2026 · Period ending June 5, 2026 · ~1 min read

Key Changes

• high

  Company may run out of registered common shares to settle July 2026 preferred redemptions. Plans to file new registration statement but cannot guarantee SEC approval in time, potentially forcing issuance of unregistered shares or delayed delivery.

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• high

  Convertible note conversion price dropped to $0.69/share (36.09 shares per $25 principal), down from higher levels, triggered by Series D preferred conversions at $1.26/share with required 45% discount. Increases potential dilution from note conversions.

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• high

  Wheeler has now redeemed 1.8 million Series D preferred shares through 421 requests, issuing 753,000 common shares in settlement. With only 2.19 million common shares outstanding and 1.77 million preferred shares remaining, dilution risk remains substantial.

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