Global Tech Industries Group, Inc. Announces a Board Decision to set a New Strike Price for the outstanding Warrants
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 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.
About Global Tech Industries Group, Inc.:
GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here .
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
