0001193125-21-225322.txt : 20211001 0001193125-21-225322.hdr.sgml : 20211001 20210727120300 ACCESSION NUMBER: 0001193125-21-225322 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERATION INCOME PROPERTIES, INC. CENTRAL INDEX KEY: 0001651721 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 474427295 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 401 EAST JACKSON STREET STREET 2: SUITE 3300 CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 813-448-1234 MAIL ADDRESS: STREET 1: 401 EAST JACKSON STREET STREET 2: SUITE 3300 CITY: TAMPA STATE: FL ZIP: 33602 CORRESP 1 filename1.htm SEC Response Letter

 

LOGO

  

ATTORNEYS AT LAW

 

100 NORTH TAMPA STREET, SUITE 2700

TAMPA, FL 33602-5810

P.O. BOX 3391

TAMPA, FL 33601-3391

813.229.2300 TEL

813.221.4210 FAX

WWW.FOLEY.COM

 

WRITER’S DIRECT LINE

813.225.4122

ccreely@foley.com

July 27, 2021

Via EDGAR

 

United States Securities and Exchange Commission

Division of Corporation Finance

Office of Real Estate & Construction

Washington, DC 20549

Re:    GENERATION INCOME PROPERTIES, INC.

Amendment No. 7 to Form S-11

Filed July 9, 2021

File No. 333-235707

Dear Sir or Madam:

On behalf of Generation Income Properties, Inc. (the “Company”), we are responding to the comments of the staff of the Division of Corporation Finance of the United States Securities and Exchange Commission set forth in your letter to David Sobelman, the Company’s President and Chairman of the Board, dated July 20, 2021. Your comments are reproduced below in bold, followed in each case by our response on behalf of the Company.

 

  1.

We partially reissue comment 2. Please explain the reference in the overallotment to issuing additional common stock and/or warrants rather than units and reconcile with the fee table, which reflects the overallotment in calculating the maximum aggregate offering price for the units.

Response: Please be advised that the offering has been modified to provide that the units will now trade as a separate class of security for 30 days after the closing of the offering, after which the shares and warrants will trade separately. The overallotment option has been correspondingly modified to be exercisable for additional units (rather than for additional common stock and/or warrants).

 

AUSTIN

BOSTON

CHICAGO

DALLAS

DENVER

   

DETROIT

HOUSTON

JACKSONVILLE

LOS ANGELES

MADISON

   

MEXICO CITY

MIAMI

MILWAUKEE

NEW YORK

ORLANDO

  

SACRAMENTO

SAN DIEGO

SAN FRANCISCO

SILICON VALLEY

TALLAHASSEE

   

TAMPA

WASHINGTON, D.C.

BRUSSELS

TOKYO

LOGO

July 27, 2021

Page 2

 

  2.

We note that Exhibit 5.1 was revised in response to comment 4 to opine that the units will be validly issued, fully paid and non-assessable. However, these units are contractual obligations, and therefore counsel should opine as to whether the units are binding obligations of the company. For guidance see Staff Legal Bulletin No. 19.II.B.1.f. Please revise the opinion accordingly.

Response: Exhibit 5.1 has been revised and re-filed to include to provide the additional opinion regarding the units.

*****

If you should have any additional questions, please contact me at 813.225.4122.

 

Best regards,
/s/ Curt P. Creely
Curt P. Creely
 GRAPHIC 2 g845232dsp01.jpg GRAPHIC begin 644 g845232dsp01.jpg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