Generation Income Properties (GIPR) said Friday its operating partnership subsidiary Generation Income Properties LP entered into definitive agreements regarding its preferred units, which are aimed at increasing its stockholders' equity to support the company's continued listing on the Nasdaq.
The subsidiary entered into agreements with the holders of its outstanding series B-1 preferred units and series B-2 preferred units to eliminate certain holder-controlled cash redemption rights and replace those rights with a right to exchange the preferred units for common shares, according to a statement.
The agreements should allow the company to achieve compliance with Nasdaq's continued listing requirement of at least $2.5 million of stockholders' equity, the statement said.
Generation said it was given an extension to Aug. 4 by the Nasdaq to demonstrate compliance with the requirement.
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