Global Tech Industries Group Inc. (OTCMKTS:GTII) fell 32% last week after announcing that the SEC has informed it that its Form S-1 registration statement had been declared effective. As a result, all common stock shares underlying the recently distributed warrant have been registered for resale.
Equally, Global Tech Industries Group’s trading platform, BeyondBlockchain.us, has added numerous virtual currencies to its line-up of currencies available for trading to users and featuring on the recently released mobile app. Also, the company’s board of directors has given an okay to the company’s management to advance the retirement of its long-term debt that so far has been reduced by almost $3 million since the start of last year.
The company signed a definitive letter agreement with We SuperGreen Energy Corp and its shareholders. Under the letter agreement terms, the company will purchase 1005 of all outstanding and issued We SuperGreen Energy shares from its shareholders, resulting in its being a GTII wholly-owned subsidiary. Therefore, GTII is worth watching in the coming weeks.
Market Reaction:
On Friday, GTII stock fell 12% at $1.40 with more than 261k shares, compared to its average volume of 221K shares. The stock has moved within a range of $1.3800 – 1.6000 after opening the trade at $1.60.
