QualityStocksNewsBreaks – Generation Income Properties, Inc. (NASDAQ:GIPR) Amends Preferred Units to Support Nasdaq Listing Compliance
Generation Income Properties (NASDAQ:GIPR) announced that its operating partnership has amended the terms of its outstanding Series B-1 and Series B-2 Preferred Units to eliminate certain holder-controlled cash redemption rights and replace them with exchange rights for the company's common stock. Based on consultations with its professional advisers and independent auditor, the company believes the amendments support permanent equity classification of the preferred units for financial reporting purposes. Generation Income Properties said the transaction is expected to increase stockholders' equity, allowing it to satisfy Nasdaq's minimum $2.5 million stockholders' equity requirement for continued listing. The company plans to seek a compliance…
