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Sunday, September 25, 2022

Global Tech Industries Group Inc (OTCMKTS: GTII) Massive Short Covering Rally

Global Tech Industries Group Inc (OTCMKTS: GTII) rocketed up more than 50% on Tuesday on just over $1 million in dollar volume as the stock is quickly becoming among the most talked about stocks in small caps. While we don’t want to get too involved in this situation so we won’t be saying any names word is that there is a single short on GTII that is 100 million shares short and is about to be in serious trouble. 

The buzz on GTII is deafening and picking up steam as we all remember WallStreetBets and the AMC Gamestop massive short covering rallies last year which well deservedly took down a hedge fund with it who was so stupid he was shorting GME under $10 per share.  With a float of 46 million (10 million cannot be traded below 3.50) as well as a growing shareholder list that has been accumulating GTII looks to be setting up for a serious fight here. 

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Global Tech Industries Group Inc (OTCMKTS: GTII) sets the stage and develops the assets to stimulate innovation and growth in emerging businesses on a global basis. The company works across various and diverse industry sectors attempting to find potential partners and assisting them in animating their business plans. Although Global Tech’s staff is limited, it continues to monitor new developments and any emerging technologies that it deems in line with its stated mission as an early-stage company, of acquiring new and innovative technologies in diverse industries. With the acquisition of BAT, Global Tech acquired fifteen (15) intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as an enhanced configuration and novel method for coal gasification. There is currently no use or activity involving the intellectual properties of the Company, and accordingly, there is no recorded value assigned to these assets. 

GTII is in the process of animating a digital platform, formed together with Alt5 Sigma, for the purpose of acquiring fine art and other collectibles that will be tokenized and eventually issued to its shareholders as Tokenized value dividends. This undertaking signifies a new and revolutionary method for offering value to GTII shareholders and as a way of participating in the shared ownership of fine art and collectibles using Non-fungible tokens. 

A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies any digital file to be unique.  An NFT functions like a cryptographic token, but unlike cryptocurrencies such as Bitcoin, are not mutually interchangeable, in other words, not fungible.  NFTs are created when blockchains string records of cryptographic hash, a set of characters that verifies a set of data to be unique, onto previous records therefore creating a chain of identifiable data blocks.  This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership. Because of the ability of blockchain technology to assure the unique signature and ownership of NFTs, digital art was an early use case for NFT’s. 

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GTII

 

Mr. Ronald Cavalier, founder of Cavalier Galleries Inc. a group of four art galleries, with locations in Greenwich, CT, New York City, Nantucket Island, and Palm Beach, FL. was retained in April 2021 by GTII as an expert consultant in the procurement and purchase of fine art for the digital platform project. Mr. Cavalier engineered the purchase of an original Picasso at a Phillips Auction House in New York City. 

The picture, ‘Quatre femmes nues et tete sculptee’ was executed in 1934 on Montval laid paper and published by A. Vollard, Paris, in 1939. It is signed in pencil, from the edition of 260 and numbered ‘347’ in the Henri Petiet inventory system in the lower left corner. Picasso’s signature can be seen in the lower right corner. This purchase will function as the cornerstone of GTII’s digital fine art and collectibles platform and be the first of several potential acquisitions. The move to purchase such a celebrated and valuable piece of fine art demonstrates GTII’s commitment to the digital platform undertaking. 

Earlier this year GTII announed in light of the apparent consistent naked short selling of the Company’s shares, including Monday’s high-volume short selling at the market close ( https://shortvolume.com/?t=gtii ), the Company has taken, and intends to take, certain actions in an attempt to protect the interests of our shareholders. First, the Company has contacted FINRA and requested that they fully investigate the matter. The Company intends to cooperate with FINRA in that regard. 

Second, the Company will be contacting market makers in the Company’s shares and requesting that each of them review (1) their quoting and trading activity in GTII to determine whether they have been engaging in “bona fide market making” and (2) their firm’s current policies and procedures to ensure they are sufficient to assess whether their firm’s quoting and trading activity in GTII comport with its “bona fide market making” obligations. 

The Company has become concerned with the market making activity in its shares as it appears that certain market makers have failed to post regular or continuous proprietary quotations (i.e., take risk positions) that are at or near the market on both sides and that are communicated and represented in a way that makes them widely accessible to investors and other broker-dealers. Their failure to meet this requirement, as well as other applicable requirements, would bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales. We also intend to address this issue with FINRA. 

Finally, the Company will also be reviewing with its legal team other potential actions it can take to protect the Company and its shareholders from such abusive trading practices. Settlement issues resulting from naked short selling, in addition to artificially diluting the Company’s shares, can also impede the Company’s ability to deliver dividends to shareholders of record and deprive shareholders of voting rights regarding the Company, all of which adversely affect our shareholders and the Company. The Company is pursuing several promising acquisitions that we believe would benefit our shareholders and we intend to do everything reasonably possible to ensure that those engaging in abusive naked short selling practices in our shares do not jeopardize our ability to complete those transactions. 

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GTII rocketed up more than 50% on Tuesday on just over $1 million in dollar volume as the stock is quickly becoming among the most talked about stocks in small caps. While we don’t want to get too involved in this situation so we won’t be saying any names word is that there is a single short on GTII that is 100 million shares short and is about to be in serious trouble. The buzz on GTII is deafening and picking up steam as we all remember WallStreetBets and the AMC Gamestop massive short covering rallies last year which well deservedly took down a hedge fund with it.  With a float of 46 million (10 million cannot be traded below 3.50) as well as a growing shareholder list that has been accumulating GTII looks to be setting up for a serious fight here. We will be updating on GTII when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GTII.

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Disclosure: we hold no position in  GTII either long or short and we have not been compensated for this article

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