Business
TPT Global Tech's Preferred Series D Reg A+ $50M Equity Raise Qualified By the SEC
TPT Global Tech's Preferred Series D Reg A+ $50M Equity Raise Qualified By the SEC.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / September 24, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCQB:TPTW) announced today that the SEC has qualified the Company's Preferred Series D $50M Reg A+ Offering ("Offering") enabling the Company to raise equity in the US Capital markets. Through the Offering, TPTW can raise up to a maximum of $50,000,000 without a minimum, by way of a Series D Preferred Stock at $5.00 per share. The Company intends to use the proceeds from the Offering for debt reduction, 5G network expansion plan throughout its TPT SpeedConnect Midwestern network, launching its TV and Social Media Platform, deployment of QuikLABS across the United States and abroad, as well as support of general and administrative expenses and general working capital, among other things.The Offering will be made available to persons who are both non-accredited and accredited investors (defined under Rule 501(a) of Regulation D promulgated under the Securities Act). The Series D Shares shall automatically convert into shares of Common Stock upon the Company's consummation of listing on a National Exchange. The holder may convert to common at any time after 18 months from issuance to common stock based upon $5.00 divided by 80% of the 30-day average market closing price to result in number of common shares issued. The company has redemption rights to buy the Preferred shares back at between 115% to 140% on a time related progressive scale.More detailed information on the Offering can be found in the Offering Circular or SEC.Edgar.com."It has been a long and challenging ride over these past several years to position the company to be able to finally raise capital in the US Capital markets. This is truly a milestone and a testament of the quality of work from our TPT SEC Legal team, CFO, Back Office and our TPT Management team. We look forward to executing our corporate objectives at an accelerated pace with new working capital into the company." says Stephen Thomas CEO of TPTW.About TPT Global TechTPT Global Tech Inc. (TPTW) based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as technology solutions. TPT Global Tech offe...