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TPT Global Tech Signed A Common Stock Purchase Agreement Whereby A Southern California Institutional Investment Fund Will Invest Up To $5M As the Company Explores Up Listing to Major US Stock Exchange
TPT Global Tech Signed A Common Stock Purchase Agreement Whereby A Southern California Institutional Investment Fund Will Invest Up To $5M As the Company Explores Up Listing to Major US Stock Exchange.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / June 1, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCBB:TPTW) today announced the company signed a Common Stock Purchase Agreement ("Equity Investment") whereby a Southern California institutional investment fund will invest up to $5M as the company explores the next major milestone, up listing to a major US stock exchange, NASDAQ or the NYSE. TPTW may draw on the Equity Investment, as needed and as defined, through December 31, 2021, to avoid creating heavy dilution to existing TPTW shareholders. The Equity Investment will be in common shares of TPTW after appropriate registration with the SEC and is not a toxic convertible debt. The company reserves the right to sell its common shares under the Equity Investment to the Institutional Investment Fund at any time which is at the sole discretion of management. No minimum number of common shares is required to be sold to the fund and the company can sell shares to the fund every 5 trading days if desirable, limited to the median daily trading volume of the Company's common stock over the most recent five business days. The Equity Investment, although it contains a fixed price option if agreed by the Company and the Institutional Investment Fund, will be at a 15% discount to market, allowing the company to sell its common shares at a higher market price as our share price increases.The company may have multiple closings, as desirable, and proceeds will be available 5 business days from each closing notice. The company intends to use the proceeds from the Equity Investment for debt reduction, completion of the company's 4G +/5G network expansion plan throughout its TPT subsidiary TPT SpeedConnect Midwestern network, launching of its TV and social media platforms, further deployment of its QuikLAB™ & QuikPASS™ Point-Of-Care Technology products across the United States and abroad, as well as support of general and administrative expenses and general working capital."It has been a long and challenging ride over these past several years to position the company to be able to finally raise working capital in the US capital markets and at the same time be in position to pursue an up listing to a major US stock exchange. This is truly a milestone and a testament to the hard work of our ...