After the company made an announcement about a stock exchange agreement, the Global Tech Industries Group (OTCMKTS:GTII) stock suffered from a selloff and went down by as much as 3%. The company announced that it entered the share exchange agreement with Wildfire Media Corp and its shareholders.
Trading Data
On Wednesday, GTII stock decreased 3.72% to $0.7221 with more than 186.49K shares, compared to its average volume of 135.63K shares. The stock moved within a range of $0.7221 – 0.9000 after opening trade at $0.7800.
Global Tech Industries Group, Inc. Announces Share Exchange Agreement with Wildfire Media Corp. [CORRECTION]
In this context, it may be a good idea to have a better idea about Wildfire. It is a company that is involved in legal market and helps law firms media planning, client acquisition, data-based marketing, client retention and analysis.
As per the terms of the agreement, Global Tech Industries Group would issue the shareholders at Wildfire with as many as 100 million restricted common shares. In exchange, the company would be awarded all the outstanding shares in Wildfire. It should be noted that the transaction is going to close after certain conditions have been met and due diligence is completed.
In addition to that, Wildfire shareholders also have an ‘earn out’ after the closing of the agreement with 100 million more restricted common shares in Global Tech Industries Group. It is however important to note that the earn out shares and the acquisition shares going to be subject to a lockout period.
Technical Data
GTII stock is trading above the 20-Day and 50-Day Moving averages of $0.70 and $0.66 respectively. However, the stock is trading below the 200-Day moving average of $1.26. The company has a total market capitalization of $185.58 million.
