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Global Tech Industries Group, Inc. Responds to Naked Short Selling to Protect Company’s Shareholders
Global Tech Industries Group, Inc. Responds to Naked Short Selling to Protect Company’s Shareholders.
About this update from Global Tech Industries Group, Inc.
[{"type":"text","content":"\n New York, NY, June 15, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that in light of the apparent consistent naked short selling of the Company’s shares, including Monday’s high-volume short selling at the market close ( https://shortvolume.com/?t=gtii ), the Company has taken, and intends to take, certain actions in an attempt to protect the interests of our shareholders. First, the Company has contacted FINRA and requested that they fully investigate the matter. The Company intends to cooperate with FINRA in that regard. Second, the Company will be contacting market makers in the Company’s shares and requesting that each of them review (1) their quoting and trading activity in GTII to determine whether they have been engaging in \"bona fide market making\" and (2) their firm's current policies and procedures to ensure they are sufficient to assess whether their firm's quoting and trading activity in GTII comport with its \"bona fide market making\" obligations. The Company has become concerned with the market making activity in its shares as it appears that certain market makers have failed to post regular or continuous proprietary quotations (i.e., take risk positions) that are at or near the market on both sides and that are communicated and represented in a way that makes them widely accessible to investors and other broker-dealers. Their failure to meet this requirement, as well as other applicable requirements, would bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales. We also intend to address this issue with FINRA. Finally, the Company will also be reviewing with its legal team other potential actions it can take to protect the Company and its shareholders from such abusive trading practices. Settlement issues resulting from naked short selling, in addition to artificially diluting the Company’s shares, can also impede the Company’s ability to deliver dividends to shareholders of record and deprive shareholders of voting rights regarding the Company, all of which adversely affect our sh...