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Saturday, November 26, 2022

Global Tech Industries Group Inc (OTCMKTS: GTII) Triples Since Last Week as Short Covering Rally Gains Momentum

Global Tech Industries Group Inc (OTCMKTS: GTII) continues to run steadily higher even as the overall markets see significant declines. Since we first covered GTII in August when the stock was still well below the $1-mark GTII has exploded northbound currently just under $3 per share.  GTII is quickly becoming known as the OTC version of Gamestop or AMC with 1 short that is short a massive 100 million shares with little chance to cover here. The short needs GTII to trade 100s of millions of shares and there is little chance it will trade that kind of volume at current price levels.  

Over the past few days GTII has posted its highest volume trading days ever as the stock has rocket3d up northbound from well under $1 to a high of $2.99. There is little chance the 1 short who is short a rumored 100 million shares can cover such a massive position and as the upside momentum intensifies, their troubles get worse and worse. The OTC needs its very own AMC Gamestop type massive short covering rally. GTII OS is 257,463,289, 193,036,390 of which are restricted. With a rapidly growing shareholders list, investors are gearing up for a major fight.  

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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. 

The Company acquired ‘Quatre femmes nues et tete sculptee’ by Pablo Picaso which 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 in September GTII announced it has entered into a Share Exchange Agreement with Wildfire Media Corp. and the shareholders of Wildfire Media Corp. Wildfire Media is a legal marketing company in the business of supporting law firms with client acquisition research, data-driven marketing, media planning and analysis and client retention services. 

Under the terms of the agreement GTII will, at the closing, issue to the Wildfire Shareholders 100 million restricted common shares in exchange for all outstanding shares of Wildfire Media. The closing of the transaction is subject to customary conditions to closing, as well as certain conditions specific to the transaction, including, without limitation, Wildfire Media providing GTII with audited financial statements and GTII concluding a due diligence review that is satisfactory in all respects to GTII. 

The Wildfire Shareholders have a post-closing “earn-out” opportunity for 100 million additional restricted GTII common shares if Wildfire Media achieves $25 million in gross revenue, as well as $85 million in receivables. 

The Acquisition Shares and the Earn-Out Shares shall be subject to a lock-up agreement pursuant to which the Wildfire Shareholders agree not to sell or transfer the shares until the expiration of the 1-year buy-back period, except as may be otherwise provided in the lock-up agreement. TII intends to file a Current Report on Form 8-K regarding the Share Exchange Agreement, which will contain further details regarding the agreement. 

Wildfire Media licenses the 1-800-LAW-FIRM and other brands to a national network of law firms committed to protecting the rights of clients in areas as diverse as consumer protection, environmental hazards, civil rights, and criminal defense among other areas. Founded in 1996, Wildfire Media provides performance-based marketing and technology solutions that enable law firms to concentrate on what they do best. Wildfire Media has established a Legal Support Organization (LSO) so that law firms are equipped to combine advances in the latest technologies along with best operational practices, both provided by our LSO. 

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GTII

On September 27 GTII announced its board of directors approved management’s request to lower the original strike price of the Warrants, which were distributed last year to a new strike price of $2.00. While the original strike price of $2.75 appears to be within reach, the Company is desirous of rewarding its loyal shareholders with an opportunity to participate at a lower price. The process to change the strike price, and to register the underlying stock with such new strike price, will be underway shortly. 

The terms of the Warrant Distribution provide that the Company’s shareholders of record as of the close of trading on April 1, 2021, the record date for the Warrant Distribution, will receive 0.10 of a Warrant for each share of the Company’s common stock held as of the record date. Fractional Warrants will not be issued. Instead, if any fractional Warrant would otherwise be required to be issued, the relevant Warrant holder will receive a number of Warrants that shall be rounded up (if the number is .5 or above) or down (if the number is less than .5) to the nearest whole number. The Warrants may be exercised on any business day prior to 5:00 p.m., New York City time, on April 8, 2023. 

As the Warrants are not DTC eligible, the Company’s transfer agent will process them as follows: 

  • All Warrants will be issued in book entry form 
  • A shareholder who holds his or her shares in certificate or book-entry form through Liberty Stock Transfer, Inc, (“Liberty or the TA”) does not have to do anything. Once purchased, the Warrants will be move to the Transfer Agent. 
  • A shareholder who holds his or her shares “Street Name” through banks, brokers or other Depository Trust Company (“DTC”) participants (“Participants”), Liberty will allocate Warrants based upon their DTC position as of the record date, which Warrants shall be issued via book-entry in the name of each Participant for the benefit of their respective beneficial holders. 
  • A shareholder who holds his or her shares in “Street Name” and wants to move the Warrants to direct registration with the Company, may make such request directly to their broker. 
  • The Company has also announced today that it is looking into the process of offering a new Warrant Distribution program to its shareholders in the near future, with a probable strike price in the range of $3.50 per share. 

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GTII rocketed up more than 100% this week as the stock is quickly becoming among the most talked about stocks in small caps. Currently there is a single short on GTII that is 100 million shares short and is about to be in serious trouble. The short needs GTII to trade 100s of millions of shares and there is little chance it will trade that kind of volume at current price levels. Since we first covered GTII in August when the stock was still well below the $1-mark GTII has exploded northbound currently just under $3 per share.  GTII is quickly becoming known as the OTC version of Gamestop or AMC with 1 short that is short a massive 100 million shares with little chance to cover here. The short needs GTII to trade 100s of millions of shares and there is little chance it will trade that kind of volume at current price levels. With a rapidly growing shareholders list, investors are gearing up for a major fight. 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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