TPT Global Tech [OTCQB:TPTW] Exchanges $10.4M Of Liabilities For Mezzanine Equity In Preparation For Its Intended Up List To A Major US Stock Exchange

Rhea-AI Summary

TPT Global Tech (TPTW) has announced the exchange of $10.4 million in liabilities for Mezzanine Equity, with holders forgiving or converting amounts totaling $10,417,602 into Series E Preferred Stock. Specifically, 1,929,566 shares were issued in exchange for $9,647,832, while $769,770 was forgiven and recognized as a contribution to equity. This restructuring aims to facilitate an up-list to a major stock exchange, as stated by the Chairman and CEO Stephen Thomas.

Positive

• Successful restructuring of $10.4 million in liabilities enhances financial stability.
• Issuance of 1,929,566 shares of Series E Preferred Stock indicates strong investor confidence.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / April 14, 2022 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCBB:TPTW) announced today that the company has exchanged $10.4M in liabilities for Mezzanine Equity. Holders of financing arrangements, accounts payable and lease agreements with the Company totaling $10,417,602 agreed to either forgive their balances owing to them by the Company or exchange their amounts outstanding as of March 31, 2022 for shares of TPT Global Tech Series E Preferred Stock. As such, 1,929,566 shares of Series E Preferred Stock were issued in exchange for $9,647,832 in outstanding financing arrangements, accounts payable or lease agreements and $769,770 was forgiven and will be recognized as a contribution to Mezzanine Equity.

"While it's been a long-time in coming and required heavy lifting on the part of the TPT management team and its financial advisors, we are pleased at this step in restructuring our balances towards our intent to up list to a major exchange," said Stephen Thomas, Chairman and CEO of TPTW.

About TPT Global Tech

TPT Global Tech Inc. (TPTW) based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as technology solutions. TPT Global Tech offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS). It offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT Global Tech also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Mobile phones Cell phone Accessories, and Global Roaming Cell phones.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A activity, new service offerings, and pursuit of new markets are forward-looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.

Contacts:

Shep Doniger
561-637-5750
Frank Benedetto
619-915-9422

SOURCE: TPT Global Tech, Inc.

View source version on accesswire.com:
https://www.accesswire.com/697561/TPT-Global-Tech-OTCQBTPTW-Exchanges-104M-Of-Liabilities-For-Mezzanine-Equity-In-Preparation-For-Its-Intended-Up-List-To-A-Major-US-Stock-Exchange

FAQ

What recent financial move did TPT Global Tech (TPTW) announce?

TPT Global Tech announced the exchange of $10.4 million in liabilities for Mezzanine Equity.

How many shares of Series E Preferred Stock did TPTW issue?

TPTW issued 1,929,566 shares of Series E Preferred Stock.

What was forgiven in TPTW's recent restructuring effort?

$769,770 was forgiven and recognized as a contribution to Mezzanine Equity.

What is the purpose of TPTW's restructuring announcement?

The restructuring aims to prepare for an intended up-list to a major US stock exchange.

How much total liabilities did TPTW restructure?

TPTW restructured a total of $10,417,602 in liabilities.