Global Tech Industries Group Inc (OTCMKTS:GTII) on September 27, 2022, announced that the board of directors approved management’s request for lowering the original strike price of the Warrants. The warrant distribution happened last year, and the board has approved a strike price of $2.00.
Trading Data
On Friday, GTII stock soared 74.10% to $5.31 with more than 8.48 million shares, compared to volume of 898.50K shares. The stock moved within a range of $3.14 – 5.44 after opening trade at $3.26.
Global Tech Industries Group, Inc. Announces a Change from the Board Decision Regarding the Strike Price for the Outstanding Warrants
Though the original strike price of $2.75 is within reach, the firm is rewarding loyal shareholders with an opportunity of participating at a lower price. Both processes for altering strike price as well as registering underlying stock with new strike price will be done soon. Terms of the distribution provide that its shareholders of record on the close of trading on April 1, 2022, will get 0.10 of a Warrant for each share of the Company’s common stock.
Fractional warrants won’t be issued. Any such fractional warrant entailing issuance will require the relevant warrant holder to get several warrants. These Warrants will be rounded up or down to the nearest whole number. The Warrants can be exercised on any business day before 5:00 p.m., New York City time, on April 8, 2023.
Global Tech Industries Group also announced looking into offering a fresh Warrant Distribution program to the shareholders in near future, with a probable strike price of $3.50 per share.
Technical Data
GTII stock is trading above the 20-Day and 50-Day Moving averages of $1.73 and $0.91 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.30.
