New York, NY, Sept. 27, 2022 (GLOBE NEWSWIRE) — (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com introduced at present that its board of administrators authorised administration’s request to decrease the unique strike value of the Warrants, which had been distributed final yr (the “Warrant Distribution”), to a new strike value of $2.00. While the unique strike value of $2.75 seems to be inside attain, the Company is desirous of rewarding its loyal shareholders with a chance to take part at a cheaper price. The course of to alter the strike value, and to register the underlying inventory with such new strike value, will likely be underway shortly.
The phrases of the Warrant Distribution present that the Company’s shareholders of document as of the shut of buying and selling on April 1, 2021, the document date for the Warrant Distribution, will obtain 0.10 of a Warrant for every share of the Company’s frequent inventory held as of the document date. Fractional Warrants is not going to be issued. Instead, if any fractional Warrant would in any other case be required to be issued, the related Warrant holder will obtain a variety of Warrants that shall be rounded up (if the quantity is .5 or above) or down (if the quantity is lower than .5) to the closest entire quantity. The Warrants could also be exercised on any business day prior to five:00 p.m., New York City time, on April 8, 2023.
As the Warrants are usually not DTC eligible, the Company’s switch agent will course of them as follows:
- All Warrants will likely be issued in guide entry kind
- A shareholder who holds his or her shares in certificates or book-entry kind by means of Liberty Stock Transfer, Inc, (“Liberty or the TA”) doesn’t should do something. Once bought, the Warrants will likely be transfer to the Transfer Agent.
- A shareholder who holds his or her shares “Street Name” by means of banks, brokers or different Depository Trust Company (“DTC”) contributors (“Participants”), Liberty will allocate Warrants based mostly upon their DTC place as of the document date, which Warrants shall be issued by way of book-entry within the title of every Participant for the advantage of their respective useful holders.
- A shareholder who holds his or her shares in “Street Name” and needs to maneuver the Warrants to direct registration with the Company, might make such request on to their dealer.
The Company has additionally introduced at present that it’s wanting into the method of providing a new Warrant Distribution program to its shareholders within the close to future, with a possible strike value within the vary of $3.50 per share.
About Global Tech Industries Group, Inc.:
GTII is a publicly traded Company included within the state of Nevada, specializing within the pursuit of buying new and revolutionary applied sciences. Visit GTII right here https://gtii-us.com/.
Please observe our Company at: www.otcmarkets.com/inventory/GTII or at https://gtii-us.com/
Safe Harbor Forward-Looking Statements:
This press launch might include ahead wanting statements which can be based mostly on present expectations, forecasts, and assumptions that contain dangers in addition to uncertainties that might trigger precise outcomes and outcomes to vary materially from these anticipated or anticipated, together with statements associated to the quantity and timing of anticipated revenues associated to our monetary efficiency, anticipated earnings, distributions, and future progress for upcoming quarterly and annual durations. These dangers and uncertainties are additional outlined in filings and stories by the Company with the U.S. Securities and Exchange Commission (SEC). Actual outcomes and the timing of sure occasions may differ materially from these projected in or contemplated by the forward-looking statements resulting from a variety of components detailed infrequently in our filings with the SEC. Among different issues, the Company might not be capable of maintain progress or obtain profitability based mostly upon many components together with however not restricted to the chance that we won’t be able to seek out and purchase companies and belongings that may allow us to grow to be worthwhile. Reference is hereby made to cautionary statements set forth within the Company’s most up-to-date SEC filings. We have incurred and can proceed to incur vital bills in our improvement stage, noting that there isn’t a assurance that we’ll generate sufficient revenues to offset these prices in each the close to and long run. New strains of business might expose us to extra authorized and regulatory prices and unknown publicity(s), the impression of which can’t be predicted presently.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011