The stock is trading on Nasdaq but with very low volume, just 2,500 shares changing hands by noon. It opened at $6.24 per share and was at $6.01 per share at midday.
Wheeler owns and finances retail properties.
Wellington Shields & Co. LLC and Capital Securities Management Inc. are joint book-running managers for the offering.
The Mortgage Bankers Association recently came out with a report showing commercial mortgage originations fell in the third quarter from a year earlier because of less lending for retail and office properties.