New York, NY, June 15, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that in light of the apparent consistent naked short selling of the Company’s shares, including Monday’s high-volume short selling at the market close ( https://shortvolume.com/?t=gtii ), the Company has taken, and intends to take, certain actions in an attempt to protect the interests of our shareholders.
First, the Company has contacted FINRA and requested that they fully investigate the matter. The Company intends to cooperate with FINRA in that regard.
Second, the Company will be contacting market makers in the Company’s shares and requesting that each of them review (1) their quoting and trading activity in GTII to determine whether they have been engaging in "bona fide market making" and (2) their firm's current policies and procedures to ensure they are sufficient to assess whether their firm's quoting and trading activity in GTII comport with its "bona fide market making" obligations.
The Company has become concerned with the market making activity in its shares as it appears that certain market makers have failed to post regular or continuous proprietary quotations (i.e., take risk positions) that are at or near the market on both sides and that are communicated and represented in a way that makes them widely accessible to investors and other broker-dealers. Their failure to meet this requirement, as well as other applicable requirements, would bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales. We also intend to address this issue with FINRA.
Finally, the Company will also be reviewing with its legal team other potential actions it can take to protect the Company and its shareholders from such abusive trading practices.
Settlement issues resulting from naked short selling, in addition to artificially diluting the Company’s shares, can also impede the Company’s ability to deliver dividends to shareholders of record and deprive shareholders of voting rights regarding the Company, all of which adversely affect our shareholders and the Company.
The Company is pursuing several promising acquisitions that we believe would benefit our shareholders and we intend to do everything reasonably possible to ensure that those engaging in abusive naked short selling practices in our shares do not jeopardize our ability to complete those transactions.
About Global Tech Industries Group, Inc.: GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here https://gtii-us.com/.
Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/
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This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
