TPT Global Tech Inc (OTCMKTS:TPTW) on September 27, 2022, announced that CEO and Chairman Stephen Thomas decided to cancel the firm’s upcoming 1000 to 1 reverse split with FINRA.
On Thursday, TPTW stock jumped 15.79% to $0.0022 with more than 18.30 million shares, compared to volume of 4.52 million shares. The stock moved within a range of $0.0018 – 0.0024 after opening trade at $0.0020.
TPT Global Tech’s Chairman & CEO Cancels Reverse Split
The company had filed an 8k disclosing on September 22, 2022, on filing a reverse split with FINRA in the future for curing share price deficiency in compliance with the OTC Exchange. The OTC gave the firm a 45-day window for curing the share price deficiency.
CEO Stephen Thomas decided post deliberations that it will not be in the interest of the company or shareholders to implement a reverse split. The company will inform FINRA not to move ahead with the RS.
Stephen Thomas, CEO of TPT Global Tech said that it is unfortunate that the company cannot control the market conditions. Thomas added that the TPT Global Tech Team has worked hard on protecting shareholder equity. The CEO further stated that it is frustrating to put the news out on making progress but witnessing a share price decrease in the open market. He also said that the firm will continue implementing long-term corporate objectives, which can be an excellent opportunity for TPT Global Tech shareholders, to stay the course and continue support to the firm.
Based in San Diego, California, TPT Global Tech Inc is a technology-based company with divisions giving telecommunications, medical technology as well as product distribution.
“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
TPTW stock is trading below the 20-Day and 50-Day Moving averages of $0.0035 and $0.0051 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0082.