Sec Form 4 Filing - STILWELL JOSEPH @ Wheeler Real Estate Investment Trust, Inc. - 2020-08-11

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
STILWELL JOSEPH
2. Issuer Name and Ticker or Trading Symbol
Wheeler Real Estate Investment Trust, Inc. [ WHLR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
111 BROADWAY, 12TH FLOOR
3. Date of Earliest Transaction (MM/DD/YY)
08/11/2020
(Street)
NEW YORK, NY10006
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/11/2020 P 919 ( 1 ) A $ 2.25 204,012 I See footnote ( 2 )
Common Stock 08/12/2020 P 228 ( 1 ) A $ 2.25 760,640 I See footnote ( 3 )
Common Stock 102,676 I See footnote ( 4 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Convertible Preferred Stock $ 40 ( 5 ) ( 5 ) Common Stock 5,125 8,200 I See footnote ( 1 )
Series D Cumulative Convertible Preferred Stock $ 16.96 ( 6 ) ( 6 ) Common Stock 29,272 19,859 I See footnote ( 1 )
Series D Cumulative Convertible Preferred Stock $ 16.96 ( 6 ) ( 6 ) Common Stock 7,806 5,296 I See footnote ( 3 )
Series D Cumulative Convertible Preferred Stock $ 16.96 ( 6 ) ( 6 ) Common Stock 63,066 42,786 I See footnote ( 4 )
Cash-settled Total Return Swap (obligation to buy) ( 7 ) ( 8 ) 03/01/2022 Series B Convertible Preferred Stock 21,154 21,154 I See footnote ( 7 )
Cash-settled Total Return Swap (obligation to buy) ( 7 ) ( 8 ) 03/01/2022 Series D Cumulative Convertible Preferred Stock 376,693 376,693 I See footnote ( 7 )
Cash-settled Total Return Swap (obligation to buy) ( 9 ) ( 8 ) 03/01/2022 Series B Convertible Preferred Stock 2,559 2,559 I See footnote ( 9 )
Cash-settled Total Return Swap (obligation to buy) ( 9 ) ( 8 ) 03/01/2022 Series D Cumulative Convertible Preferred Stock 54,306 54,306 I See footnote ( 9 )
Cash-settled Total Return Swap (obligation to buy) ( 10 ) ( 8 ) 03/01/2022 Series B Convertible Preferred Stock 55,929 55,929 I See footnote ( 10 )
Cash-settled Total Return Swap (obligation to buy) ( 10 ) ( 8 ) 03/01/2022 Series D Cumulative Convertible Preferred Stock 22,282 22,282 I See footnote ( 10 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
STILWELL JOSEPH
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X X
Stilwell Value LLC
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Activist Investments, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Activist Fund, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Value Partners VII, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Signatures
/s/ Joseph Stilwell 08/13/2020
Signature of Reporting Person Date
/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC 08/13/2020
Signature of Reporting Person Date
/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P 08/13/2020
Signature of Reporting Person Date
/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P. 08/13/2020
Signature of Reporting Person Date
/s/ Joseph Stilwell as authorized agent for Stilwell Value Partners VII, L.P. 08/13/2020
Signature of Reporting Person Date
Explanation of Responses:
( 1 )This Form 4 reports the following acquisitions: (a) on August 11, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 919 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.25 USD per share; and (b) on August 12, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 228 shares of the Company's common stock at $2.25 USD per share.
( 2 )These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
( 3 )These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
( 4 )These shares are owned directly by Stilwell Activist Fund, L.P. ("SAF") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
( 5 )As disclosed in the Company's Form 8-K filed with the Securities and Exchange Commission ("SEC") on April 3, 2017, each share of Series B Convertible Preferred Stock (the "Series B Stock") is convertible into 0.625 shares of the Company's common stock. The Series B Stock has no expiration date.
( 6 )As disclosed in the Company's Form 8-K filed with the SEC on April 3, 2017, each share of Series D Cumulative Convertible Preferred Stock (the "Series D Stock") is convertible into 1.474 shares of the Company's common stock. The Series D Stock has no expiration date.
( 7 )SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.
( 8 )These Swaps can be settled at any time prior to the expiration date.
( 9 )SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.
( 10 )SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

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