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ProText Mobility, Inc. (OTCMKTS: TXTM) Rapid Drop After RSAMMD Slapped with Skull & Crossbones

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ProText Mobility, Inc. (OTCMKTS: TXTM) saw a massive drop on Monday November 14 to lows of $0.0013 after the Company was slapped with the dreaded skull & crossbones designation from OTCMarkets. TXTM reported it is working hard to resolve the matter in the shortest possible time. According to the Company: “We have engaged with SEC legal counsel to provide assistance and guidance in seeking to have the CE removed quickly and will keep you updated during the process.” 

TXTM management continued: “Our promise to our shareholders is that everything we are doing is with your best interests at the forefront.  Please be assured that the fundamentals of the company remain strong and we remain 100% committed to delivering on the Protext mission and business plan. We will keep you updated with developments via the company’s official Twitter channel and through subsequent statements.  We are very confident that we will resolve this issue promptly, and that Protext will come through this time of uncertainty in a stronger position than ever before.” 

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RSA Medical Marijuana Dispensaries RSAMMD™ is a fully licensed health practitioners, qualified to dispense and prescribe medical cannabis in South Africa. The Company offers superior patient care and 100% Indoor and greenhouse grown cannabis ensuring patients receive clean, safe, and pure medical cannabis products. RSAMMD has 2 commerical licenses, 1 dispensing, importation & prescription license, 2 permits, 1 seed bank cultivar and with an annual production of 35,000 kilograms per year.

Earlier in November TXTM announced an initial order for 2.33 million pounds of Genus Cannabis Sativa under a supply agreement. 

Dr. Ahmed Jamaloodeen (Dr.J), Protext Chairman commented, “This is a terrific milestone and demonstrates years of hard work and relentless pursuit of educating the masses and government collaboration. The initial order calls for the delivery of 2.33 million pounds of cannabis, arguably the largest single cannabis flower and biomass order in history to date post legalization. The specific strain we are growing for this order is Charlottes Angel for high percentage CBD flower and biomass. Everything we do is under South Africa federally issued permits, and license to import, export, grow hemp and cannabis from seed to sale, R & D, as well as develop and distribute our own brand of finished products. 

“Our proprietary, branded CBD product line and online marketplace is anticipated to launch shortly. Due to our early pioneering of hemp and cannabis as a massive community uplift opportunity in South Africa, we were approved as the first government sponsored pilot project that would enable proof of concept to other farms as a blueprint of this business model. This early blueprint is now a proven business model for South African farmers, and we are now at the forefront of SA becoming a recognized global leader in hemp and cannabis production. To further these efforts, last week I attended the AFASA AGM conference and gave a presentation to 1000s of farmers who are now part of the Cannabis Commodity Cluster Formation, which Ive been appointed as National Cannabis Commodity Chairman The first in history. (link to Dr.J Cannabis Expo 2022 presentation discussing SA community uplift and cannabis: youtube.com/DR.J) 

Dylon Du Plooy, Protext CEO, commented, The hemp renaissance is well underway, with renewed interest from global industrial companies to find cheaper and greener resources that can be used to produce 1000s of end product. America is decades behind the sustainable materials revolution. That represents a big opportunity for us to unlock the potential of industrial hemp in the worlds strongest economy, with the lowest cost product available globally. For South Africa, the opportunity is to take a global role in what we believe is the beginning of an industrial hemp renaissance. We can not only produce product at the lowest cost basis on a global basis, but we can monetize the farm with 3 annual grows, making our hemp, biomass, and cannabis much sought after from customers around the world. In fact, this substantial off take agreement for an initial 2.3 million pounds is being delivered to a US customer. Why? Not only for the quality of the product, but our cost basis is so competitive we can deliver product that includes freight shipping cost to US customers, that is lower than they can get anywhere in North America. #TXTMTribe #TXTMTribeRaok #TXTMRaok. 

https://twitter.com/redtide1958/status/1592140964209905664

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TXTM

Dr. J continued, As we have previously discussed, we believe there is significant value in the human capital derived from our knowledge, Government and other relationships, compliance, resources, facilities, biomass, and infrastructure that is invaluable. The Permits we are in possession of allow for Genus Cannabis Sativa import, export, grow & cultivation, research, testing, and end product development for global distribution, all of which are anticipated to be utilized by Protext with the end goal to commercialize the live plant extraction technology and bring superior end products to the global market. Having technology thats been tested and proven to increased bioavailability by 10-15x is significant and puts us miles ahead of all competitors. Additional testing is anticipated to be conducted with cannabis being grown on the farm right now. The testing will focus on maximizing yield as well as testing various strains of Genus Cannabis Sativa. We will also begin conducting the R&D using the New Age Extraction Technology for other Indigenous Plant Flora with medicinal properties including Psilocybin. We believe that the significance of the implications our live plant Extraction Technology can have on not only our yield, but also on an entire industry with its 10-15X Bioavailability has been over looked due to the complexity of the science. In laymans terms we stand to produce Natural Plant Based Medicine with 10-15 times more bioavailability than current products on the market, at a fraction of the cost. 

On November 14 TXTM announced on November 11, 2022, the OTCMarkets placed a caveat emptor designation on the Company’s trading symbol.  The Company has issued the following Official Company Statement to update its shareholders.  

“Dear Shareholders: We wish to update you on the matter concerning the CE that was placed on TXTM by OTC Markets after the close on Friday, November 11, 2022. Management is working hard to resolve the matter in the shortest possible time. We have engaged with SEC legal counsel to provide assistance and guidance in seeking to have the CE removed quickly and will keep you updated during the process. Our promise to our shareholders is that everything we are doing is with your best interests at the forefront.  Please be assured that the fundamentals of the company remain strong and we remain 100% committed to delivering on the Protext mission and business plan. We will keep you updated with developments via the company’s official Twitter channel and through subsequent statements.  We are very confident that we will resolve this issue promptly, and that Protext will come through this time of uncertainty in a stronger position than ever before.” 

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Currently trading at a $51 million market valuation TXTM saw a massive drop on Monday November 14 to lows of $0.0013 after the Company was slapped with the dreaded skull & crossbones designation from OTCMarkets. TXTM reported it is working hard to resolve the matter in the shortest possible time. TXTM does have a massive and very loyal shareholder following that believe in the Company and its ability to overcome this. Already the stock is up significantly from the day’s lows. Microcapdaily will be covering RSAMMD as it happens so make sure you subscribe to Microcapdaily right now so you don’t miss it. 

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

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Creatd, Inc. (OTCMKTS: CRTD) Stock Price Continues to Deteriorate as the Legal Battle with The Lind Partners, LLC Continues

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Creatd, Inc. (OTCMKTS: CRTD) share value continues to drop after a brief recovery in mid-March. The firm’s stock is still not at the lowest point it has ever been, but it is not too far off at this point. The lowest that the shares have gone was $0.0457, which is the point they reached on October 11th, 2022. After that, in the final months of the previous year, the stock price shot up, reaching $1.6941 per share on November 18th.

The last time when the shares reached this height was in February 2022. However, back then, the price was rapidly spiraling down from a much higher point. Unfortunately for the company and its investors, after reaching $1.6941 in November, the share price crashed in a sharp correction, sinking to $0.50 by the end of November.

CRTD found a strong support at this level, which allowed it to bounce back up to $0.90, which is where the company encountered a strong resistance. It kept bouncing back and forth between these two levels throughout December 2022 and January 2023. However, as time passed, the fluctuations were becoming smaller, as the price seemingly started achieving greater stability. Looking back now, however, it becomes clear that the volatility may have decreased, but the overall trend became bearish somewhere in mid-January.

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CRTD price was dropping again, and in the second half of February, it broke the support level at $0.50, sinking to $0.16 by February 27th. After briefly recovering in early March, the price went back up to $0.3, encountering a resistance here, as well, which pushed it back down to $0.1156 this time, which was on March 14th. In the last 48 hours, the price managed to recover a bit once more, sitting at $0.15 at the time of writing.

Creatd, Inc. (OTCMKTS CRTD) stock price continues to deteriorate as the legal battle with The Lind Partners, LLC continues

Creatd, Inc. (OTCMKTS: CRTD) stock has seen a rough performance over the last year, with only a brief period of recovery in November 2022. Other than that, the last 12 months were marked by nothing but price crashes triggered by various events that followed the company. In recent months — specifically in December — the company announced an upcoming merge with Global Tech Industries, albeit without disclosing the terms of the deal. After that, reports said that Global Tech Industries had decided to bid $100 million in stock in order to acquire Creatd. Creatd even halted any discussions with other potential acquirers for 30 days as part of the LOI. At the time, its CEO and Chairman, Jeremy Frommer, said:

There are two elements to this merger, fundamental and technical. The opportunity to advance the Creatd business model and scale revenues coupled with the unique technical position we find our two public companies in, is a momentous opportunity. At the time of closing of any proposed transaction, GTII share delivery to Creatd shareholders will only occur in instances of registered ownership with the transfer agent or DTC.

For a time, everything was going well for the company until February 24th, when reports emerged that Creatd had terminated the proposed acquisition discussions with Global Tech. This was what triggered the stock crash, as many were disappointed that the deal did not succeed.

Around that time, the company was also struggling with a potential illegal naked short selling, and it launched CEOBLOC to try and fight it. One positive development at the time was the fact that CRTD became available on Upstream, which marked the third issuer to dual-list their shares on Upstream’s blockchain-powered market.

https://twitter.com/UpstreamXchange/status/1625520006770618368

However, the stock was hit with another blow a week ago when Creatd released an update regarding its legal dispute with The Lind Partners, LLC, and the company’s affiliates. The dispute concerns a convertible promissory note that amounts to $900,000.

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According to Lind, Creatd breached certain representations and warranties in regard to the note. Lind demanded immediate repayment of the full amount, but Creatd instead decided to offer a number of alternatives. Lind refused to negotiate and Creatd filed a motion to dismiss. The company’s CEO said:

At this early stage, we are strictly trying to analyze data. There is more than enough evidence that there has been unusual trading in CRTD and it demands further investigation. To that end, we have asked legal counsel to look into filing multiple requests of trading records from market makers in CRTD stock. When and if the Company enters the discovery period in The Lind Partners, LLC case, any trading records related to The Lind Partners, LLC that were done with external broker dealers will also be analyzed.

Creatd, Inc. (OTCMKTS: CRTD) is a holding company that offers new economic opportunities to creators using partnerships and technology. The company’s goal is to empower creators and brands, and it claims that each of its companies shares a common mission — to create technologies and develop partnerships that would allow it to unlock new opportunities useful to entrepreneurs, brands, and creators, allowing them to also grow creatively, sustainably, as well as profitably.

For the moment, it appears that the situation is not the best for the company. It is in the middle of legal proceedings, its merger has failed, and its stock is one bad day away from reaching its all-time low. The chart above shows that CRTD is willing to grow and ready to jump on any opportunity, so the company still has a chance. Any piece of good news would likely send its stock to the path of recovery, which is why it is still worth keeping an eye on future developments. We will be updating on CRTD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CRTD.

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

Image by Sang Hyun Cho from Pixabay

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Global Tech Industries Inc (OTCMKTS: GTII) Declares War On Shorts

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Global Tech Industries Inc (OTCMKTS: GTII) has filed a lawsuit against Alpine Securities for spoofing and depressing the share price of GTII.

Global Tech Industries Inc (OTCMKTS: GTII) has filed a lawsuit against Alpine Securities for spoofing. The lawsuit claims that multiple parties were selling a significant number of shares at artificially depressed prices, which is attributed to the illegal behavior of spoofing.

According to David Reichman, CEO of GTII, the lawsuit is a significant step in the company’s efforts to protect itself and its shareholders from market manipulation. The company is represented in the case by the Christian Levine Law Group and Warshaw Burstein, LLP, two law firms that specialize in stock fraud litigation.

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The spoofing of shares refers to a fraudulent trading practice in which traders place buy or sell orders for a security, intending to cancel them before they are executed. This behavior creates a false impression of demand, causing the market price to move in a specific direction, which benefits the trader’s position. Spoofing is a violation of federal securities laws.

The lawsuit alleges that the financial firms named in the complaint engaged in illegal behavior that allowed them to manipulate the market and benefit from GTII’s artificially depressed share prices. GTII is seeking unspecified damages and injunctive relief to prevent further market manipulation.

Wes Christian, managing partner of the Christian Levine Law Group, stated that the lawsuit is yet another example of illegal market manipulation by the defendants. He emphasized the law firm’s commitment to protecting shareholders and holding financial firms accountable for their illegal behavior.

The lawsuit is an important step for GTII in its ongoing efforts to protect its shareholders and business from illegal market activities. It remains to be seen how the lawsuit will unfold, but GTII is committed to pursuing legal action against those who engage in market manipulation that harms the company and its shareholders.

Alpine Securities is in significant trouble and cannot pay the $2 million fine imposed on them by the SEC. GTII has the highest concentrated short position in Alpine’s books, which is significant. GTII needs to fight against this illegal behavior, and a lawsuit is one of the ways to do so.

Taking a step back and understanding the entire Alpine situation as a whole, it is clear that they are in trouble. The current market conditions, where the fluidity of credit is not as strong, can significantly affect borrower rates. When borrowing rates go through the roof, as was the case with GTII, it does not make sense to short-sell. People had to cover, and the stock went nearly double all-time highs to $9.

GTII has many catalysts, and the first one will be Upstream, which will open multiple avenues to throw a curveball at short sellers with special coupons and dividends. The 1-800 Law Firm deal is another catalyst that GTII is excited about. GTII expects to receive $85 million in receivables on the books, which will improve GTII’s fundamentals exponentially. This improvement in fundamentals could make the current resistance level of $2 the new floor.

Restricted dividends are another way GTII can throw a curveball at short sellers. Clean Vision’s success with restricted dividends is an example that worked in the recent past. The proof is there that it can work and is worth trying. If it is another curveball that can throw off a short seller, that’s perfect. It can’t hurt to try, especially if it is restricted, which means it will not dilute the stock for six to 12 months.

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GTII is in an exciting time, where banks are collapsing, and the market is getting rocked. Everyone is very tense, and there is a lot of pressure. Things are not as smooth as they were a year or two ago, so this could be a really good time for GTII. Many things are happening right now, including the 1-800 deal coming in two or three weeks, the Alpine update from the SEC in two to three weeks, the special dividends, and the lawsuit against Alpine.

When looking at the chart, GTII is testing a key level again. The $2 level has been struggling to hold above this range, but it is about to be retested again.

GTII Daily Chart

GTII Daily Chart

In conclusion, GTII has dropped a hammer on Alpine Securities by filing a lawsuit against them for spoofing. GTII is fighting back against illegal behavior and has many catalysts to help them. The current market conditions are not smooth, but GTII is in an excellent position to take advantage of this situation. With the lawsuit, the 1-800 deal, the Alpine update, and the special dividends, GTII is well-positioned to move forward.

MicroCapDaily sees GTII as one of the most exciting stories to follow. We will keep an eye on this one and push out updates as they unfold.

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

Image by Hilary Clark from Pixabay

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Is today’s surge in MMTec Inc (NASDAQ: MTC) justified ?

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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.

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.

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