Global Technologies Ltd (GTLL) Stock Sees Profit Booking At Higher Level
Many investors might have noticed that the Global Technologies Ltd (OTCMKTS:GTLL) has gone into a bit of a downward spiral in recent days and the trend continued on Tuesday.
The Global Technologies stock declined by 17% yesterday amidst a heavy selloff and that took its losses for the past week to as much as 25%. The decline in the stock may have been related to an announcement from the company back on July 19 with regards to a convertible promissory note that it had issued to Power Up Lending Group Ltd back in July 12. The convertible promissory note carried a principal amount to the tune of $48750.
This particular convertible note is going to mature on June 12, 2022 and carries a yearly interest rate of 8%. On July 19, the company announced that this convertible note can be converted either in part or in full within the stipulated period as per the terms of the agreement.
It seems that the decision to issue the convertible promissory note has not been particularly welcomed by the company’s shareholders. It now remains to be seen if the stock can actually make a recovery over the coming days or it sinks further.
Market Reaction:
On Tuesday, GTLL stock slumped 17.25% at $0.0024 with more than 145.43 million shares, compared to its average volume of 79.78 million shares. The stock has moved within a range of $0.0022 – 0.0030 after opening the trade at $0.0027. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0359.
