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Generation Income Properties (NASDAQ:GIPRU) announced that its public offering units will separate into common stock and warrants on October 4, 2021. Each unit will convert into one share of common stock and one warrant with an exercise price of $10.00 per share. The common stock and warrants will trade under the symbols GIPR and GIPRW, respectively. The units will cease trading on October 1, 2021. This follows an underwritten offering managed by Maxim Group LLC and Joseph Gunnar & Co. LLC.
Generation Income Properties, Inc. (NASDAQ:GIPRU) has completed the sale of an additional 165,000 Units, comprising one share of common stock and one warrant to purchase one share of common stock, at $10 per Unit. This sale, part of the underwriters' over-allotment option from its recent public offering, generated approximately $1.65 million, raising total gross proceeds to approximately $16.65 million. The units will begin separate trading 31 days post-effective registration statement date.
Generation Income Properties (NASDAQ:GIPRU) has successfully closed the acquisition of a 15,288 SF retail property in Rockford, Illinois for approximately $4.5 million on August 13, 2021. This asset is leased to La-Z-Boy (LZB) for about 6.5 years, generating an annual rent of $358,800. The deal involved a joint venture partner and bank financing, with GIP noting the importance of acquiring properties from creditworthy tenants. The company has a market cap of approximately $1.5 billion and maintains minimal debt.
