Business
Generation Income Properties Announces Closing of $15 Million Public Offering and Uplisting to Nasdaq
TAMPA, FL / ACCESSWIRE / September 8, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) ("GIP" or the "Company") today announced the closing of its
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / September 8, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) (\"GIP\" or the \"Company\") today announced the closing of its previously announced underwritten public offering of 1,500,000 units at a price to the public of $10 per unit. GIP is a Maryland real estate investment corporation focused on retail, office and industrial net lease properties located primarily in major and coastal U.S. cities. Each unit issued in the offering consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $10. The units are listed on The Nasdaq Capital Market (\"Nasdaq\") and began trading under the ticker symbol \"GIPRU\" on September 3, 2021. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to begin trading on the Nasdaq under the symbols \"GIPR\" and \"GIPRW,\" respectively. GIP received gross proceeds of $15 million, before deducting underwriting discounts and commissions and other estimated offering expenses.GIP has granted the underwriters a 30-day option to purchase up to an additional 225,000 units at the public offering price to cover over-allotments, if any.Maxim Group LLC acted as sole book-running manager for the offering and Joseph Gunnar & Co. LLC acted as a co-manager for the offering.The shares of common stock and warrants will begin separate trading 31 days from the date the registration statement was declared effective, unless Maxim informs the Company of its decision to allow earlier separate trading and the Company publicly announces when the separate trading will begin.The offering was conducted pursuant to the Company's registration statement on Form S-11 (File No. 333-235707), as amended, previously filed with, and subsequently declared effective by the Securities and Exchange Commission (\"SEC\") on September 2, 2021. A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these sec...