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GLOBAL TECH INDUSTRIES GROUP, INC. Announces Update Regarding Warrant Distribution
GLOBAL TECH INDUSTRIES GROUP, INC. Announces Update Regarding Warrant Distribution.
About this update from Global Tech Industries Group, Inc.
[{"type":"text","content":"\n New York, April 01, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com announced today an update regarding its previously announced warrant distribution (the “Warrant Distribution”). Since its last announcement regarding the Warrant Distribution, the Company has received several inquiries from shareholders, questioning the manner in which the Warrants will be distributed to the shareholders, so it is making this release in an attempt to respond to those inquiries. As a reminder, the general terms of the Warrant Distribution provide that the Company’s shareholders of record as of the close of trading on April 1, 2021, the record date for the Warrant Distribution, will receive 0.10 of a Warrant for each share of the Company’s common stock held as of the record date. Fractional Warrants will not be issued. Instead, if any fractional Warrant would otherwise be required to be issued, the relevant Warrant holder will receive a number of Warrants that shall be rounded up (if the number is .5 or above) or down (if the number is less than .5) to the nearest whole number. The current payment date for the Warrant Distribution is April 8, 2021. Each full Warrant will represent the right to purchase one share of common stock for cash at an exercise price of $2.75 per share. The Warrants may be exercised on any business day prior to 5:00 p.m., New York City time, on April 8, 2023.As the Warrants are not DTC eligible, they will be processed by the Company’s transfer agent as follows: ●All Warrants will be issued in book-entry form.  ●If you are a registered shareholder of the Company and hold your common stock shares, as of the record date, in certificate or book-entry form through the transfer agent you need not do anything to receive your Warrants, as the transfer agent will automatically issue your Warrants directly to your transfer agent account via book-entry.  ●If you hold your common stock shares in “Street Name” through banks, brokers or other Depository Trust Company (“DTC”) participants (“Participants”), the transfer agent will allocate Warrants to each Participant based upon their DTC position in the Company’s common stock as of the ...