GTCHD - GBT Technologies Cancels and Voids Reverse Stock Split | Benzinga
SAN DIEGO, Nov. 08, 2023 (GLOBE 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.
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 ...