GWTI’s Stock Converted from Trading on OTCQB to Pink Sheet Trading
Rhea-AI Summary
Greenway Technologies, Inc. (OTC: GWTI), an advanced gas-to-liquids and gas-to-hydrogen technology development company, has announced that its stock has been converted from OTCQB to Pink Sheet trading. This change occurred due to the delayed filing of SEC reports for the 2023 Form 10-K and Q1 2024 Form 10-Q. The company has now filed the 2023 Form 10-K and expects to file the Q1 2024 Form 10-Q next week.
To resume trading on OTCQB, GWTI must submit a Rule 15c2-11 Exemption Request Form to FINRA after filing the Q1 2024 Form 10-Q. GWTI's subsidiary, Greenway Innovative Energy, Inc., focuses on developing proprietary GTL and GTH syngas conversion systems for oil and gas field production. The company's patented technology is integrated into its first-generation commercial G-Reformer® unit, which converts natural gas into synthesis gas for various applications.
Positive
- Filed 2023 Form 10-K with the SEC
- Expects to file Q1 2024 Form 10-Q next week
- Developed proprietary GTL and GTH syngas conversion systems
- Completed first-generation commercial G-Reformer® unit
Negative
- Stock converted from OTCQB to Pink Sheet trading due to delayed SEC filings
- Most brokers do not allow trading on the Pink Sheet platform
- Delayed filing of 2023 Form 10-K and Q1 2024 Form 10-Q
- Must submit Rule 15c2-11 Exemption Request Form to FINRA to resume OTCQB trading
News Market Reaction 1 Alert
On the day this news was published, GWTI declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ARLINGTON, Texas, July 26, 2024 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTC: GWTI), (“Greenway”), is an advanced gas-to-liquids (“GTL”) and gas-to-hydrogen (“GTH”) technology development company. GWTI’s stock has always been traded on on the OTC Market’s OTCQB, which provides orderly and efficient stock trading. Due to the fact that SEC filings for the 2023 Form 10-K and the Form 10-Q for the quarter ended March 31, 2024 were not timely filed, based on Financial Industry Regulatory Authority (“FINRA”) rules, the stock could not continue to be traded on the OTCQB. The only trading option is now pink sheet trading and most brokers do not allow trading on this platform. Greenway has now filed the 2023 Form 10-K with the SEC and expects to file the Form 10-Q for the quarter ended March 31, 2024 next week. After that filing is submitted to the SEC, Greenway must submit Rule 15c2-11 Exemption Request Form to FINRA. After that form is accepted by FINRA, Greenway can resume trading on the OTCQB.
Based in Arlington, Texas, the Company, through its wholly-owned subsidiary, Greenway Innovative Energy, Inc., is engaged in the research and development of proprietary GTL and GTH syngas conversion systems that can be scaled to meet oil and gas field production requirements or the requirements of various processes where natural gas is available. The Company’s patented technology has been integrated into its recently completed first-generation commercial G-Reformer® unit, a unique component used to convert natural gas into synthesis gas. In the case of hydrogen creation, synthesis gas is created and separated into hydrogen gas and CO2.. When combined with an FT reactor and catalyst, G-Reformer® units can be deployed to process a variety of natural gas streams, including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane, and biomass to produce fuels including gasoline, diesel, jet fuel, and methanol as well as valuable chemical outputs. When derived from natural gas, these fuels are incrementally cleaner than conventionally produced oil-based fuels.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Greenway's proprietary gas-to-liquids system, potential business developments and future interest in our clean fuel technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV withThe University of Texas at Arlington, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
CONTACT:
Raymond Wright
Greenway Technologies, Inc.
raymond.wright@gwtechinc.com
For more information, visit GWTI's website: www.gwtechinc.com
###
FAQ
Why was GWTI's stock converted from OTCQB to Pink Sheet trading?
What steps is GWTI taking to resume trading on OTCQB?
What is GWTI's main technology focus?
When does GWTI expect to file its Q1 2024 Form 10-Q?
