TPT Global Tech Inc. (OTCMKTS:TPTW) fell 20%. The company’s Board of Directors amended TPT Global’s Certificate of Incorporation regarding the involuntary and voluntary conversion of Series D Preferred Stock features as per the provisions of the certificate of incorporation and the company’s by-laws. The amended features include 6% Cumulative Annual Dividends payable on the acquisition value ion common stock or cash at the Board’s discretion.
The automatic Series D Preferred Stock conversion will happen with holders’ consent upon any exchange listing approval and common stock registration effectiveness underlying conversion rights.The conversion shall be at 75% of the company’s 30-day average market closing price divided by $5.
Also, on September 16, 2021, the company’s Board increased the authorized common shares by 250 million as per the company by-laws and Certificate of Incorporation. With the approval, the company will now have 1.25 billion common shares with the existing privileges and powers according to the amended Certificate of Incorporation. Therefore, TPTW is worth keeping an eye on.
Market Reaction:
On Friday, TPTW stock fell 20% at $0.0240 with more than 32.29 million shares, compared to its average volume of 20.74 million shares. The stock has moved within a range of $0.0223 – 0.0330 after opening the trade at $0.0330.
