GLOBAL TECH INDUSTRIES GROUP, INC. Announces Update Regarding Warrant Distribution
Global Tech Industries Group, Inc. (GTII) has provided an update on its Warrant Distribution, set for April 8, 2021. Shareholders on record as of April 1, 2021, will receive 0.10 Warrants per share held, rounding fractional Warrants to the nearest whole number. Each Warrant allows the purchase of one common share at $2.75 until April 8, 2023. Warrants will be issued in book-entry form and require no action from registered shareholders. For trading purposes, allocations for DTC participants will be made based on their positions as of the record date.
- Shareholders will receive 0.10 Warrants for each share held.
- Warrants can be exercised at $2.75 per share, potentially increasing shareholder value.
- Warrants are not DTC eligible, complicating trading for some shareholders.
- The requirement to round fractional Warrants could lead to potential dissatisfaction among shareholders.
New York, April 01, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com announced today an update regarding its previously announced warrant distribution (the “Warrant Distribution”). Since its last announcement regarding the Warrant Distribution, the Company has received several inquiries from shareholders, questioning the manner in which the Warrants will be distributed to the shareholders, so it is making this release in an attempt to respond to those inquiries.
As a reminder, the general 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 current payment date for the Warrant Distribution is April 8, 2021. Each full Warrant will represent the right to purchase one share of common stock for cash at an exercise price of
As the Warrants are not DTC eligible, they will be processed by the Company’s transfer agent as follows:
| ● | All Warrants will be issued in book-entry form. |
| ● | If you are a registered shareholder of the Company and hold your common stock shares, as of the record date, in certificate or book-entry form through the transfer agent you need not do anything to receive your Warrants, as the transfer agent will automatically issue your Warrants directly to your transfer agent account via book-entry. |
| ● | If you hold your common stock shares in “Street Name” through banks, brokers or other Depository Trust Company (“DTC”) participants (“Participants”), the transfer agent will allocate Warrants to each Participant based upon their DTC position in the Company’s common stock 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. It shall be the responsibility of each Participant to ensure that each of their beneficial owners are properly allocated the appropriate number of Warrants from each Participants’ Warrant allocation from the transfer agent. |
| ● | If you hold your common stock shares in “Street Name” and your Warrants have been allocated to your account by your broker, you nevertheless maintain the right to move your Warrants, at any time, to direct registration with the Company by making such request directly to your broker. Upon making such request, the transfer agent will remove your Warrants from your broker’s “Street Name” Warrant allocation, and you will be issued a book-entry account statement from the transfer agent reflecting your Warrant position registered directly with the Company. |
Inquiries from shareholders or Participants regarding the Warrant Distribution can be directed as follows:
Email: GTII@allianceadvisors.com
Tel: 855.200.8651
About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
Please follow our company at: www.otcmarkets.com/stock/GTII
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.
Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
Blaine Riley – br@intlmonetary.com
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601
FAQ
What is the record date for the GTII warrant distribution?
How many warrants will shareholders receive from GTII?
When is the payment date for the GTII warrant distribution?
What is the exercise price for the GTII warrants?
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