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GGTOOR, Inc. (OTCMKTS:GTOR) Announces Its Regulation A Registration Has Been Voluntarily Terminated -- Dilution From Sales of Stock Screeches to a Halt
GGTOOR, Inc. (OTCMKTS:GTOR) Announces Its Regulation A Registration Has Been Voluntarily Terminated -- Dilution From Sales of Stock Screeches to a Halt.
About this update from Ggtoor Inc.
[{"type":"text","content":"\n THOMASVILLE, GA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- GGTOOR, Inc. (OTCMKTS:GTOR) (“GGTOOR, Inc.”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, announces the Company voluntarily terminated its Regulation A Registration.  Form 1-Z was accepted by the Securities and Exchange Commission on October 20, 2022, at 17:55:04 and the official filing date was October 21, 2022. As of yesterday, October 24, 2022, the Company had a total of common shares issued and outstanding of 241,291,152 with only 131,350,886 shares in the public float and 109,940,266 common shares held in certificate form by a total of 124 shareholders. The registration statement that was voluntarily terminated by the Company called for a total of 187,500,000 shares to be sold within a range from $0.001 to $0.08. The actual number of common shares sold to accredited investors was just 33,444,517 at a price range from $0.011 to $0.022. One sale that was executed prior to the voluntarily termination has not been delivered. Once delivered, that sale will increase the total issued and outstanding and the total shares in the public float by 2,272,727 shares. The number of shares sold is properly reflected in the form 1-Z and it includes the shares that have yet been delivered and that total is 33,444,517. John V Whitman Jr., the Company CEO had this to say, “The Company has relied upon Regulation A sales to fund the Company during its startup phase. Regulation A is both a blessing and a curse. It’s a blessing for two reasons: (a) it provides a vehicle to get shares in the public float and allows for a vigorous trading market, and (b) it allows Companies who would not qualify for traditional bank financing to have a resource to generate equity capital. The curse is (a) dilution to shareholders and (b) the loss of confidence from the investing public who has to constantly guess when will the dilution end.” Whitman continued by saying, “Voluntarily terminating the Reg A is the most positive and impactful move in our short history. My goal from the beginning was to keep the total issued and outstanding below 250,000,000 shares and fund the Company future growth using a combination of revenue generation and debt. We have met those goals. GGToor was born out of necessity af...