Breaking #AI #Stock News: GBT Technologies
(OTC PINK: $GTCH) Cancels and Voids Reverse Stock Split; @gbtt_inc
SAN DIEGO,
CA - November 8, 2023 (Investorideas.com Newswire) GBT Technologies
Inc. (OTC PINK: GTCH) ("GBT" or the "Company"),
announced that its Board of Directors has elected to not pursue the reverse
stock split, which it was previously authorized to implement at any time prior
to December 31, 2023 (the "Reverse Stock Split"). The Reverse Stock
Split was authorized by the Company's Board of Directors on July 21, 2022 and
the stockholders holding a majority of the issued and outstanding voting shares
of the Company dated June 28, 2022.
Read this new,
featuring GTCH in full at https://www.investorideas.com/CO/GOPH/news/2023/11081Voids-Reverse-Stock-Split.asp
The Company originally proposed
the Reverse Stock Split in order to increase the market price of its common
stock with the goal providing the Company greater flexibility with respect to
the Company's capital structure for such purposes as additional equity
financings, and stock-based acquisitions. However, on October 12, 2023, the
Company amended its articles of incorporation to increase its authorized shares
of common stock to 30,000,000,000. With this increase, the Company believes that
it has the needed flexibility to implement any capital transaction without the
need for the Reverse Stock Split.
"After careful consideration, the Board of
Directors has decided to not to pursue the Reverse Stock Split, which it was
authorized to implement in its sole discretion at any time prior to December
31, 2023" said Mansour Khatib, CEO of the Company. "We believe that
this is in the best interests of our shareholders, as it will avoid the expense
and complexity of a reverse stock split and will allow our shares to continue
to trade."
The Company's common stock will
continue to trade under the ticker symbol "GTCH."
About
Us
GBT Technologies, Inc. (OTC PINK:
GTCH) ("GBT") (http://gbtti.com) is a development stage company
which considers itself a native of Internet of Things (IoT), Artificial
Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC
performance. GBT has assembled a team with extensive technology expertise and
is building an intellectual property portfolio consisting of many patents.
GBT's mission, to license the technology and IP to synergetic partners in the
areas of hardware and software. Once commercialized, it is GBT's goal to have a
suite of products including smart microchips, AI, encryption, Blockchain, IC
design, mobile security applications, database management protocols, with
tracking and supporting cloud software (without the need for GPS). GBT
envisions this system as a creation of a global mesh network using advanced nodes
and super performing new generation IC technology. The core of the system will
be its advanced microchip technology; technology that can be installed in any
mobile or fixed device worldwide. GBT's vision is to produce this system as a
low cost, secure, private-mesh-network between all enabled devices. Thus,
providing shared processing, advanced mobile database management and sharing
while using these enhanced mobile features as an alternative to traditional
carrier services.
Forward-Looking
Statements
Certain statements contained in
this press release may constitute "forward-looking statements".
Forward-looking statements provide current expectations of future events based
on certain assumptions and include any statement that does not directly relate
to any historical or current fact. Actual results may differ materially from
those indicated by such forward-looking statements because of various important
factors as disclosed in our filings with the Securities and Exchange Commission
located at their website (http://www.sec.gov). In addition to these
factors, actual future performance, outcomes, and results may differ materially
because of more general factors including (without limitation) general industry
and market conditions and growth rates, economic conditions, governmental and
public policy changes, the Company's ability to raise capital on acceptable
terms, if at all, the Company's successful development of its products and the
integration into its existing products and the commercial acceptance of the
Company's products. The forward-looking statements included in this press
release represent the Company's views as of the date of this press release and
these views could change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views as of
any date subsequent to the date of the press release.
Contact:
Mansour Khatib, CEO
press@gopherprotocol.com
GBT Technologies Inc. (OTCQB:GTCH) is a
featured tech stock on Investorideas.com
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