Resurgent Realty Trust (RRT), a shareholder of Generation Income Properties, Inc., issued a position statement criticizing the continued mismanagement of GIPR and the failure of its board of directors to fulfill their fiduciary duty. RRT described the company's actions as 'absolute insanity'.
RRT specifically highlighted GIPR's borrowing of $1.1 million for 'general corporate purposes,' which RRT stated was for general and administrative expenses rather than investments, principal curtailments, or a share repurchase program. RRT asserted that GIPR has never been profitable since its IPO in September 2021.
RRT called for the firing of management and the reconstitution of the board to stabilize the company. This strong public criticism indicates deep dissatisfaction with current leadership and a demand for significant changes in corporate governance.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.