Global Tech Industries Group Inc (OTCMKTS:GTII) Stock On Watchlist: Here is Why

During the weekend, Global Tech Industries Group Inc (OTCMKTS:GTII) was in the news after it made a key announcement on Sunday. The company announced yesterday that back on Saturday November 12, 2022 there had been a special meeting of the board of directors and the members had permitted Global Tech Industries to consider exploring a business relationship with Upstream.

Trading Data

On Friday, GTII stock gained 1.16% to $3.4900 with more than 424.91K shares, compared to volume of 2.01 million shares. The stock moved within a range of $3.1700 – 3.5800 after opening trade at $3.5000.

Global Tech Industries Group, Inc. Announces First Steps in Pursuing Dual Listing on the Upstream Platform

Upstream is a dual listing platform with a global presence and it goes without saying that the announcement was a significant one for Global Tech Industries. It was noted that Global Tech Industries was going to pursue a technology service agreement with Upstream and a sponsor advisor agreement.

In addition to that, it was noted that other forms of agreements that may be needed for the dual listing are also going to be considered so that the final goal is hit. Ultimately, the company is supposed to furnish a report to the board of directors of Global Tech Industries with a final recommendation. The Chief Executive Officer and Chairman of Global Tech Industries David Reichman spoke about the development as well. He noted that the company had been contemplating providing its shareholders with a digital dividend and hence, it decided to team up with Upstream.

Key Quote

David Reichman, Chairman & CEO, stated, “Management has been focused since early spring on finding a way to deliver a digital dividend to our loyal shareholder base. We believe this alliance could finally afford us the platform to do exactly that. This partnership could give GTII a broader reach and wider audience, and our shareholders the opportunity to trade on an exciting and dynamic exchange, as well as receive a digital dividend.”

Technical Data

GTII stock is trading above the 20-Day and 50-Day Moving averages of $3.19 and $1.72 respectively. However, the stock is trading below the 200-Day moving average of $3.90.