Business
Gopher Protocol Issues Statement Pertaining to Affiliate Status of Third Party Institutional Investor
Gopher Protocol Issues Statement Pertaining to Affiliate Status of Third Party Institutional Investor.
About this update from Gbt Technologies Inc.
[{"type":"text","content":"\nPERRIS, Calif., May 24, 2019 (GLOBE NEWSWIRE) -- Gopher Protocol Inc. (“Gopher” or the “Company”) today announced that on or about May 17, 2019 its third party institutional investor (the “Investor”) holding its Senior Secured Redeemable Convertible Debenture dated December 3, 2018 (the “Debenture”) directed Gopher’s transfer agent to reserve all remaining authorized but unissued and unreserved shares for the conversions under the Debenture.  Further, the Investor also submitted a “Delivery Notice,” dated May 17, 2019, that was received by the Company’s Transfer Agent in respect of the Investor’s request for the issuance of 21,638,095 (the Delivery Notice was for 31,137,366 shares, less 9,499,271 previously issued) shares of the Company’s common stock.  The issuance of the 21,638,095 shares to the Investor associated with the Delivery Notice resulted in the Investor owning in excess of 10% of the currently issued and outstanding shares of the Company’s common stock\n Due to the element of control over the Company’s finances and operations associated with the reservation and the Investor’s ownership exceeding 10% of the issued and outstanding shares of common stock, Gopher believes that the Investor has become an “affiliate” of the Company, as that term is defined in Rule 144(a)(1). About Gopher Protocol Inc. Gopher Protocol Inc. (OTCPINK: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a development-stage company which considers itself a native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence (AI) enabled mobile technology platforms.  Gopher has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile and security applications and protocols, and supporting cloud software.  Gopher’s system envisions the creation of a global mesh network.  The core of the system will be its advanced microchip technology that can be installed in any mobile or fixed device worldwide. Gopher envisions this system as a low-cost, secure, private mesh network between any enabled devices, providing shared processing, advanced mobile database management/sharing and enhanced mobile features as an alternative to traditional carr...