The founder of investment advisory firm KSA Capital Management LLC acquired 723,977 shares, representing 7.5% of Wheeler Real Estate Investment Trust Inc.'s outstanding shares, according to an ownership filing.

Daniel Khoshaba, who intends to take an active role within the shopping center-focused REIT, is requesting Wheeler to appoint him to fill the vacancy in the company's board.

In a letter sent to Wheeler's board, Khoshaba said he believes the company's shares are undervalued.

The shares were acquired from Nov. 6, 2019, to Jan. 3.