Global Tech Industries Group, Inc. (OTCMKTS:GTII), a management services company, announced the cancellation of 36,460,714 shares of common stock previously issued to certain officers and directors. The cancellation occurred on Monday, June 11, 2024, following the discovery of an error in the issuance of these shares on January 25, 2023.
The decision for the cancellation was made after a review by Afshin Luke Rahbari, an advisor to the company's Board of Directors, appointed on December 1, 2023. Rahbari's assessment concluded that the shares were inadvertently and erroneously issued. The action to cancel the shares was deemed to be in the best interest of Global Tech and its shareholders.
The shares in question were held by members of the company's leadership team, and their cancellation effectively reduces the number of shares outstanding, thereby altering the company's share structure. The specifics of the Stock Cancellation Agreements, which detail the terms of the cancellation, have been filed with the SEC and are included as an exhibit to the company's recent 8-K filing.
The 8-K filing also states that the information regarding the entry into a Material Definitive Agreement and the cancellation of the shares is incorporated by reference into the section concerning the departure of directors or certain officers, election of directors, and appointment of certain officers; compensatory arrangements of certain officers.
Global Tech Industries Group, Inc., headquartered in New York, NY, is a Nevada-incorporated entity that operates within the management services sector under the SIC code 8741. The company's common stock trades under the ticker symbol GTII.
InvestingPro Insights
In light of the recent stock cancellation by Global Tech Industries Group, Inc. (GTII), investors may be closely monitoring the company's financial health and stock performance. According to InvestingPro data, GTII has experienced a significant return of 36.59% over the last week. This uptick may reflect market reactions to the recent corporate governance actions. However, it's important to note that the stock has seen a substantial decline of 84.05% over the last year, indicating a longer-term downward trend in its market valuation.
InvestingPro Tips suggest that GTII's stock generally trades with high volatility, which could mean greater risk for investors. Additionally, the company has not been profitable over the last twelve months, which is reflected in its negative price-to-earnings (P/E) ratio of -0.52. Considering these factors, investors may exercise caution and conduct thorough due diligence.
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