Global Tech Industries Group Inc (OTCMKTS: GTII) is a massive short covering rally that we covered here when the stock was well under $1 back on August 30, since than GTII has rocketed up to highs of $8.97 before a significant pull back and a new base at $5 per share. As we stated in our August 30 article on GTII “. 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 shorts are now in serious trouble and they are trying every trick in the book to keep the price down and they are failing.
The Company announced on October 6 that is has “no way of knowing why the market reacted as it has in the last several weeks, it believes it is mostly due to the fact that, as the market price became closer to and then passed the strike price of $2.75 to purchase Warrants, more buyers entered the market. The company distributed Warrants to its shareholders last April 6, 2021, which allowed shareholders to exercise one Warrant for every ten shares of stock held. As the Company’s float is over forty million shares, this could account for the increased activity, although, as the Company clearly disclosed last year, the Warrants did not transfer with the underlying shares of common stock after the record date.
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Global Tech Industries Group Inc (OTCMKTS: GTII) is a publicly traded, mini conglomerate, trading on the OTC markets. The Company’s subsidiaries and affiliates include intellectual properties, proprietary systems, and trade secrets in the bioscience, green-tech, and global health technologies, among other new and emerging businesses. Global Tech can provide the protective umbrella of a publicly listed, fully compliant SEC-audited company to acquisition candidates, as well as structure, transparency, potential capital raise and significant growth potential. Global Tech can deliver the means, through incubation, for private companies to become public entities in good standing.
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.
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.
GTII is working with Alt5 Sigma, a digital assets trading, exchange and custodian services provider headquartered in New York City, to construct and stage the platform to allow shareholders and the public to set up ‘digital wallets’ for the purpose of investing in fine art and collectibles using non-fungible tokens. Alt5 Sigma has already started its work in tailoring GTII’s digital platform to the Company’s needs and is working to tokenize the newly acquired Picasso.
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On October 6 GTII announced, in response to inquiries from the OTCMarkets, it will summarize its understanding of recent activity in its stock over the past several weeks, as follows:
While the Company has no way of knowing why the market reacted as it has in the last several weeks, it believes it is mostly due to the fact that, as the market price became closer to and then passed the strike price of $2.75 to purchase Warrants, more buyers entered the market. The company distributed Warrants to its shareholders last April 6, 2021, which allowed shareholders to exercise one Warrant for every ten shares of stock held. As the Company’s float is over forty million shares, this could account for the increased activity, although, as the Company clearly disclosed last year, the Warrants did not transfer with the underlying shares of common stock after the record date. The Company also recently announced that on September 14, 2022, it signed a binding Stock Purchase Agreement (“SPA”) with Wildfire Media, Corp (“Wildfire”). The Company and Wildfire first signed a non-binding Letter of Intent (“LOI”) on March 2, 2022. The due diligence has been progressing since then.
The company’s directors, some of whom are officers, recently sold stock under a 10B5 plan, which was first discussed at the board level on August 19, 2021. The board tasked two directors to find and construct an appropriate compensation plan for them, as they had been operating as board members without being paid any cash fees for the last ten years. The 10B5 plan was finalized and signed by the board on June 23, 2022, and allows for the sale of 1% of each directors’ holdings, spread over the course of one year on a monthly basis. The paperwork and documentation for the 10B5 plan was recently completed, and the first sale occurred in October 2022.
Currently trading at a $1.3 billion market valuation GTII OS is 258,278,599 shares, a float of around 53 million shares in the float and a massive 100 million share short position from one trader who is sriously under water. After a brief shake Tuesday morning to $4.69 lows GTII steadily rose for the rest of the day closing $0.02 under the HOD. The steady upward climb seen Tuesday certainly looks as if GTII is getting ready to make a move and embark on another wave northbound with little resistance and $8.97 looming large. A break over and GTII could go far. As we said in our August 8 article: “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.”We first covered GTII in August when the stock was still well below the $1-mark. We will be updating on GTII when more details emerge so make sure you are subscribed to Microcapdaily.
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Disclosure: we hold no position in GTII either long or short and we have not been compensated for this article
MMTec, Inc. (NASDAQ: MTC) ended the day at $2.0700 with a gain of $0.5800 (+38.93%). The stock prices fluctuated between $1.4000 – $2.5299, with more than 2.98M shares exchanging hands.
So why did MTC surge today ?
The failure of Silicon Valley Bank led to a sell-off in equities and a shift to safe-haven assets, such as US Treasuries and gold. Markets have calmed down somewhat, and the worst of the equity sell-off seems to be over. However, the market anticipates that the markets will be somewhat uneasy until a better understanding of inflation is reached and what the Federal Reserve will do next week.
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Despite most investors currently avoiding the banking sector, Wall Street sees potential opportunities, particularly in regional banks. The chaos in the market has created opportunities in the industry and several banking stocks are being punished just for being a banking stock. The collapse of Silicon Valley Bank was due to its specialisation in venture-capital financing, which made it vulnerable to the higher interest rate regime of the past 12 months.
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Therfore, today’s gains in MTC seems to be more a sympathy bounce considering the overall banking sector. Earlier in March, MMTEC, Inc. (Nasdaq: MTC) declared that it will relocate its operations from Beijing to the Hong Kong Special Administrative Region, effective March 6, 2023. The Company’s subsidiary, MM Future Technology Limited, which is a Hong Kong incorporated limited company, will assume all operations previously conducted by its subsidiary, Gujia (Beijing) Technology Co., Ltd. However, Gujia will continue to carry out specific technical research and development functions. Further, the Company, through its subsidiary HC Securities (HK) Limited, and other entities, will continue to invest its human resources in asset management and securities underwriting, and other related businesses, aiming to attract global funds to invest in the Chinese market and support China’s economic growth. The Company’s new operations headquarters is located at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong.
We will be updating on MTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MTC.
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Disclosure: We have no position in MTC and have not been compensated for this article.
Cazoo Group Ltd (NASDAQ: CZOO) last traded at $2.62, a gain of +0.6400 (+32.32%). More than 5M shares exchanged hands compared to an average daily volume of 228K shares. Considering that the 52 week high of CZOO is more than 65$, there seems to be a lot of room to the upside.
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Why did CZOO surge last week? Welcome to the Carvana of the UK!
Cazoo, a publicly traded company (NYSE: CZOO), was founded in 2018 by serial entrepreneur Alex Chesterman OBE. The company’s mission is to revolutionize the UK’s car buying and selling experience by offering consumers better selection, value, transparency, convenience, and peace of mind. Cazoo’s goal is to make the car buying or selling process as simple as purchasing any other product online. The company enables customers to buy, sell, or finance a car entirely online, with delivery or collection available in as little as 72 hours.
Recently, Cazoo Group Ltd, the UK’s leading online car retailer, updated its business performance and progress with the restructuring announced in January. The CEO, Alex Chesterman, expressed satisfaction with the progress made so far in 2023, despite the challenging economic environment. The company has taken swift and decisive management action to restructure the group, improve unit economics, and reduce fixed costs. The rightsizing of headcount and operational footprint is well underway, and the company expects to complete the restructuring before the end of Q1 2023. The company has seen significant improvement in its GPU, with retail GPU tracking at approximately £900, up from £600 in Q4 2022. Cazoo has sold over 100,000 cars entirely online in the UK in the three years since its launch. The company remains fully focused on driving higher profitability and has appointed Jonathan Dunkley as Chief Operating Officer. Cazoo’s cash reserves remain strong, and the company expects to achieve profitability without external funding until H2 2024. The company expects to end 2023 with over £100m of cash and cash equivalents on its balance sheet and sell 40,000-50,000 UK retail units in the current year.
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The online car market in the UK has been growing rapidly in recent years, driven by increasing consumer demand for convenience and transparency in the car buying process. Online car retailers such as Cazoo, Carzam, and Cinch have emerged as major players in the market, offering a wide selection of used cars for sale online with home delivery or pickup options. These companies use advanced technology to provide customers with a seamless buying experience, including virtual vehicle inspections, transparent pricing, and easy financing options. The COVID-19 pandemic has further accelerated the shift towards online car buying as consumers seek to avoid in-person interactions and dealerships adapt to new ways of doing business.
So if CZOO learns from Carvana’s mistake, there is little to no doubt that CZOO could be the talk of the town in days to come. We will be updating on CZOO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CZOO.
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Disclosure: we hold no position in CZOO, either long or short, and we have not been compensated for this article
Shares of Ocean Biomedical (NASDAQ:OCEA) surged more than 100% on Thursday, following a talk by the company’s scientific co-founder, Dr. Jack A. Elias, at Brown University’s Legorreta Cancer Center. The preclinical-stage biotech, which went public on the NASDAQ on February 15, focuses on developing novel treatments for deadly diseases, including malaria, multiple cancers, and pulmonary fibrosis.
During the talk, Dr. Elias presented exciting details about potential therapies to suppress tumors in various cancers, focusing on the company’s work in understanding the role of the protein Chitinase 3-like-1 (CHI3LI) in the progression of lung cancer. He also discussed his discoveries on how certain monospecific and bispecific antibodies can be used as therapies to treat non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM). The company aims to expedite these findings into phase 1 trials.
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The excitement over this preliminary news stems from the large target groups for both diseases. According to Cancer.net statistics, NSCLC is the leading cause of cancer death and the second-most diagnosed cancer in the US, affecting around 236,740 people. GBM is the most common primary brain tumor in adults, with an average survival period of just 15 months and no cure.
The recent surge in Ocean Biomedical’s shares also comes on the heels of an announcement on February 28 that co-founder Dr. Jonathan Kurtis had been awarded a patent for the discovery of the third parasite target PfCDPK-5. This target has the potential to be used to halt the malaria parasite in various stages of its cycle, opening up new possibilities for treating this deadly disease.
Ocean Biomedical’s focus on developing novel treatments for deadly diseases and its recent exciting findings have generated significant investor interest. However, it is important to note that investing in preclinical-stage biotech companies carries a high level of risk. There is no guarantee that these discoveries will translate into effective treatments or that the company will receive regulatory approval.
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Nevertheless, the positive developments from Ocean Biomedical are a significant milestone and hold great promise for patients suffering from deadly diseases such as cancer and malaria. If the company’s discoveries prove successful in further clinical trials, they could potentially generate significant revenue and transform the standard of care for these diseases. We will be updating on OCEA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with OCEA.
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Disclosure: we hold no position in OCEA, either long or short, and we have not been compensated for this article