It was a tough day in the markets for investors in Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) as the company’s stock went through a mini selloff and tanked by 4% for the day. Yesterday, the company was in the news after it announced that it had finally completed its previously announced merger with Cedar Realty Trust Inc.
Trading Data
On Monday, WHLR stock fell 4.30% to $0.2 with 20K shares, compared to its average volume of 23K shares. The stock moved within a range of $2.0000 – 2.0900 after opening trade at $2.09.
Wheeler Real Estate Investment Trust, Inc. and Cedar Realty Trust, Inc. Announce Completion of Merger
In this regard, it should be noted that the merger is one of the first steps in Cedar’s strategic mission of selling Cedar and most of its assets by way of all-cash deals. Now that the transaction has been completed, Wheeler Real Estate Investment Trust had acquired all the outstanding common stock in Cedar.
The shares of Cedar are no longer going to be traded publicly on the New York Stock Exchange. However, it seems investors were not too thrilled with the news. It remains to be seen if the Wheeler stock can make a comeback anytime soon.
Wheeler Real Estate Investment Trust had been in the news not too long ago on August 9 when it announced that it had reported its operational and financial results for the quarter and the half year, both of which ended on June 30, 2022.
Technical Data
WHLR stock is trading below the 20-Day and 50-Day Moving averages of $2.20 and $2.35 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.17. The company has a total market capitalization of $20 million. The stock is up 17% over the past month.
