Yesterday, Global Tech Industries Group Inc (OTCMKTS:GTII) was in the news after the company made an announcement with regards to its plan of action about the inquiries that had been made by the OTC Markets.
Trading Data
On Thursday, GTII stock moved up 2.16% to $5.21 with more than 2.9 million shares, compared to its average volume of 1.24 million shares. The stock moved within a range of $4.78 – 5.90 after opening trade at $5.09.
Global Tech Industries Group, Inc. Updates its Shareholders on Recent Market Activity
As part of the response, the company noted that it was going to provide the exchange with a summary of the recent activity in its stock over the course of the past several weeks. In the announcement made yesterday, the company announced that although it was not sure about the reasons behind the remarkable rally in the stock in recent days, it did provide a reason nonetheless.
Global Tech Industries noted that it may have happened mainly because as the stock price continued to rise and eventually went past the $2.75 threshold, which was the price for purchasing warrants, more buyers came into the market.
That was the reason why the stock price soared in such a way. It was back on April 6 earlier on in the year that the company had distributed the warrants to its shareholders. Those warrants allowed the shareholders to exercise their rights to one warrant for each block of ten shares that they owned.
Technical Data
GTII stock is trading above the 20-Day and 50-Day Moving averages of $2.96 and $1.31 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.38.
