New York, NY, Sept. 27, 2022 (GLOBE NEWSWIRE) —
: OTCQB) Global Tech Industries Group, Inc. (“
” or “The Company”),
announced today that its board of directors approved management’s request to lower the original strike price of the Warrants, which were distributed last year (the “Warrant Distribution”), 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
- 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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Safe Harbor Forward-Looking Statements
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
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