Wheeler Springs Resorts Plans 1st Stock Offering

Wheeler Springs Resorts Inc. in Ojai plans an initial public offering of 500,000 units that it hopes will raise up to $4 million in gross proceeds.

In a filing with the Securities and Exchange Commission, Wheeler said each unit will include two common shares and two separate warrants, which entitle their holders to buy additional shares in the future.

Wheeler was formed last year and intends to buy the Wheeler Hot Springs restaurant, tavern and spa in Ojai in exchange for $1.8 million of its common stock, the filing stated. The company said it has preliminary approval from Ventura County to expand and improve the existing facilities, and to build tennis courts and other additional amenities at the site.