GBT Technologies Cancels and Voids Reverse Stock Split

Rhea-AI Summary

GTCH - GBT Technologies Inc. Announces Decision Not to Pursue Reverse Stock Split, Focuses on Capital Structure Flexibility and Shareholder Interests

Positive

• The decision not to pursue the reverse stock split shows the company's commitment to shareholder interests and avoiding unnecessary expenses and complexity.
• The increase in authorized shares of common stock to 30,000,000,000 provides the company with the flexibility to implement any capital transaction without the need for the reverse stock split.

Negative

• None.

SAN DIEGO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- GBT Technologies Inc. (OTC PINK: GTCH) ("GBT” or the “Company”), announced that its Board of Directors has elected to not pursue the reverse stock split, which it was previously authorized to implement at any time prior to December 31, 2023 (the “Reverse Stock Split”). The Reverse Stock Split was authorized by the Company’s Board of Directors on July 21, 2022 and the stockholders holding a majority of the issued and outstanding voting shares of the Company dated June 28, 2022.

The Company originally proposed the Reverse Stock Split in order to increase the market price of its common stock with the goal providing the Company greater flexibility with respect to the Company’s capital structure for such purposes as additional equity financings, and stock-based acquisitions. However, on October 12, 2023, the Company amended its articles of incorporation to increase its authorized shares of common stock to 30,000,000,000. With this increase, the Company believes that it has the needed flexibility to implement any capital transaction without the need for the Reverse Stock Split.

“After careful consideration, the Board of Directors has decided to not to pursue the Reverse Stock Split, which it was authorized to implement in its sole discretion at any time prior to December 31, 2023” said Mansour Khatib, CEO of the Company. “We believe that this is in the best interests of our shareholders, as it will avoid the expense and complexity of a reverse stock split and will allow our shares to continue to trade.”

The Company’s common stock will continue to trade under the ticker symbol “GTCH.”

About Us

GBT Technologies, Inc. (OTC PINK: GTCHD) (“GBT”) (http://gbtti.com) is a development stage company which considers itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC performance. GBT has assembled a team with extensive technology expertise and is building an intellectual property portfolio consisting of many patents. GBT’s mission, to license the technology and IP to synergetic partners in the areas of hardware and software. Once commercialized, it is GBT’s goal to have a suite of products including smart microchips, AI, encryption, Blockchain, IC design, mobile security applications, database management protocols, with tracking and supporting cloud software (without the need for GPS). GBT envisions this system as a creation of a global mesh network using advanced nodes and super performing new generation IC technology. The core of the system will be its advanced microchip technology; technology that can be installed in any mobile or fixed device worldwide. GBT’s vision is to produce this system as a low cost, secure, private-mesh-network between all enabled devices. Thus, providing shared processing, advanced mobile database management and sharing while using these enhanced mobile features as an alternative to traditional carrier services.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements".  Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements because of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ( http://www.sec.gov).  In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products.  The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change.  However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.  These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.

Contact:

Mansour Khatib, CEO
press@gopherprotocol.com

FAQ

What is the latest announcement from GBT Technologies Inc. (GTCH)?

GBT Technologies Inc. has announced that it will not pursue the previously authorized reverse stock split, focusing on capital structure flexibility and shareholder interests.

Why did GBT Technologies Inc. decide not to pursue the reverse stock split?

After careful consideration, the company's Board of Directors decided that it is in the best interests of shareholders to avoid the expense and complexity of a reverse stock split and allow shares to continue trading.

What is the new authorized shares of common stock for GBT Technologies Inc.?

GBT Technologies Inc. has increased its authorized shares of common stock to 30,000,000,000, providing the needed flexibility for capital transactions without the need for a reverse stock split.