STOCK TITAN

Global Technologies, Ltd. Increases Shareholder Equity Through Preferred Stock Exchange

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary

Global Technologies, (OTC Pink: GTLL) announced a Share Exchange Agreement to boost shareholder equity by approximately $1.8 million. The company filed for a new Series N Preferred Stock with a fixed conversion price of $0.50 per share. On June 26, 2024, the company exchanged 339 shares of Series L Preferred Stock for 1,864,500 shares of Series N, retiring all Series L shares. CEO Fredrick Cutcher highlighted ongoing efforts to increase shareholder equity, reduce debt, and move towards uplisting to NASDAQ or another national exchange. Detailed information is available on the SEC and company websites.

Positive
  • Increased shareholder equity by $1.8 million.
  • Conversion to new Series N shares with a fixed price of $0.50 per share.
  • Goal of uplisting to NASDAQ or a national exchange.
Negative
  • Retirement of Series L shares may indicate previous stock structure was suboptimal.

Company Takes Steps to Uplist to NASDAQ or a National Exchange

PARSIPPANY, New Jersey, June 27, 2024 (GLOBE NEWSWIRE) -- Global Technologies, Ltd. (OTC Pink: GTLL) (the “Company”), is pleased to announce that it has entered into a Share Exchange Agreement to increase the Company’s shareholder equity.

On June 25, 2024, the Company filed a designation for a new series of preferred stock, titled Series N Preferred Stock (“Series N”), with the Secretary of State of the State of Delaware. The Holders of the Series N shall vote together with the outstanding shares of Class A Common Stock and have a fixed conversion price of $.50 per share.

On June 26, 2024, the Company entered into a Share Exchange Agreement (the “Agreement”) with each of the Holders of the Company’s Series L Preferred Stock (the “Series L”). As of the date of the Agreement, there were a total of 339 shares of Series L outstanding. As per the terms of the Agreement, shares of Series L were exchanged for shares of the newly designated Series N. A total of 1,864,500 shares of Series N were issued. All outstanding shares of Series L were retired.

The exchange of outstanding Series L shares for Series N shares increases the Company’s shareholder equity by approximately $1.8 million.

"Over the past 12 months, we have taken steps to increase shareholder equity through an expansion of our operations and subsequent increase in revenue, decrease in debt and other measures," said Fredrick Cutcher, Chief Executive Officer of Global Technologies, Ltd. "We are extremely excited to keep pushing forward to our goal of an uplist to the NASDAQ or a National Exchange."

Further details on the Company’s Series N Preferred Stock and the Share Exchange Agreement can be found within the Company’s Current Report on Form 8-K on the Securities and Exchange Commission’s website at www.sec.gov or on the Company’s website at 
www.globaltechnologiesltd.info.

About Global Technologies, Ltd.:

Global Technologies, Ltd, based in Parsippany, NJ, is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. Our vision is to lead the industries we serve with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all stakeholders. For further information, please visit the Company’s website at www.globaltechnologiesltd.info.

Forward-Looking Statements and Disclaimer

Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.

Contact:

Global Technologies, Ltd
(973) 233-5151
info@globaltechnologiesltd.info


FAQ

What is the impact of Global Technologies' new Series N Preferred Stock on shareholder equity?

The new Series N Preferred Stock has increased shareholder equity by approximately $1.8 million.

When did Global Technologies exchange Series L shares for Series N Preferred Stock?

The exchange occurred on June 26, 2024.

What is the conversion price for Global Technologies' Series N Preferred Stock?

The fixed conversion price for Series N Preferred Stock is $0.50 per share.

How many Series N shares were issued in the exchange by Global Technologies?

A total of 1,864,500 Series N shares were issued.

Why is Global Technologies aiming to uplist to NASDAQ or a national exchange?

Global Technologies aims to uplist to NASDAQ or a national exchange to enhance its market presence and shareholder value.

Where can further details about the Share Exchange Agreement be found?

Further details can be found on the SEC website and Global Technologies' official website.

GLOBAL TECHS LTD

OTC:GTLL

GTLL Rankings

GTLL Latest News

GTLL Stock Data

3.67M
14.69B
0%
Conglomerates
Industrials
Link
United States of America
Parsippany