TPT Global Tech Inc (OTCMKTS:TPTW) Stock Soars As On Cancellation of Reverse Split

If you are currently looking into stocks which may have clocked significant gains on Tuesday then it may be hard to look beyond TPT Global Tech Inc (OTCMKTS:TPTW). The stock was in considerable focus yesterday and had ended up with gains of as much as 67% amidst heavy interest from investors.

Trading Data     

On Tuesday, TPTW stock jumped 66.67% to $0.0020 with more than 88.34 million shares, compared to volume of 3.83 million shares. The stock moved within a range of $0.0011 – 0.0015 after opening trade at $0.0012.

TPT Global Tech’s Chairman & CEO Cancels Reverse Split

The rally in the stock came about after the Chairman and Chief Executive Officer of the company Stephen Thomas announced that TPT Global Tech had decided to cancel its previously announce 1000 to 1 reverse stock split. It was last week on September 22 that the company had made an announcement with regards to the fact that it was going to go for a reverse stock split at some point in the near future.

The company had decided on the move in order to correct its share price, which had gone under $0.01 a share. The reverse stock split was thought to be the solution to that particular problem and FINRA had given TPT Global Tech with a window of 45 days within which it could go for the split. However, the decision to cancel the whole thing has come as a source of considerable enthusiasm among investors.

Key Quote

“It’s unfortunately the one thing that we cannot control is market conditions. The TPT Global Tech Team has worked extremely hard to protect shareholders’ equity and liquidity. It is very frustrating for the company to put great news out to inform its shareholders of its continued progress to only see the share price decrease in the open market. TPT will continue to execute on its long-term corporate objectives which we believe will provide an excellent opportunity for its TPT Global Tech shareholders who stay the course and continue to support the company.” said Stephen Thomas, CEO of TPT Global Tech

Technical Data

TPTW stock is trading below the 20-Day and 50-Day Moving averages of $0.0038 and $0.0053 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0083.