GIP: Resurgent Realty Trust Makes Non-Binding Offer to Acquire Controlling Interest in Generation Income Properties, Inc. ("GIPR")

VIRGINIA BEACH, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Resurgent Realty Trust ("RRT"), a shareholder of Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company"), issued today an open letter containing a non-binding term sheet RRT submitted to GIPR's Board of Directors (the "Board") on January 30, 2025. As a shareholder of GIPR, RRT believes significant, unrealized value exists that is currently being squandered by management. RRT is proposing to acquire majority ownership of GIPR, thereby allowing it to effect a change in board composition, senior management and the Company's strategic direction.The full text of the term sheet presented to GIPR is as follows:Non-Binding Summary Term SheetJanuary 30, 2025The following summarizes the basic terms and conditions by which assignees of Resurgent, Inc. to be named later (collectively, the "Investors") propose to acquire 51% of the issued and outstanding shares common stock, $0.01 par value per share (the "Common Stock"), of Generation Income Properties, Inc., a Maryland corporation ("GIPR") with proposed terms and conditions outlined below (the "Proposed Transaction"). The Investors and GIPR together are known as the "Parties." This Non-Binding Summary Term Sheet is subject to change with further negotiations between the Parties until the final terms and conditions are mutually accepted and fully described in a definitive agreement governing the Proposed Transaction. This summary does not purport to be complete and is subject to, and qualified in its entirety and be replaced by, the more detailed information to be contained in the definitive agreement.Terms & ConditionsInvestorsAssignees of Resurgent, Inc.Acquisition Target Company:Generation Income Properties, Inc. ("GIPR"), a Maryland corporationResulting Company Structure:The Investors will collectively own shares of Common Stock that will give them a 51% stake in GIPR on a fully diluted basis.Total Consideration to be Paid by the Investors to GIPR:$3.00 per share of Common Stock(42% Premium)REIT Status:The Parties will structure the Proposed Transaction such that GIPR will not lose its tax status as a real estate investment trust.Board Control and Employment Agreements:Upon ...Full story available on Benzinga.com