TPT Global Tech Inc. (OTC:TPTW) Stock Soars As Debt Restructuring Boosts Financials
As the trading week comes to a close, investors are going to be keenly watching some of the major gainers, and one of those could be the TPT Global Tech Inc. (OTC:TPTW) stock. On Thursday, the stock went on a remarkable rally and ended up with gains of 200%.
TPT Global Tech’s Efforts to Reduce Debt Results in a $4.9 Million Profit in Q2 2024, Files 10-Q for SEC Compliance
The telecom and technology leader came into focus yesterday after it announced that the debt reduction initiative had led to a profit of $4.9 million in the second fiscal quarter of 2024. That had happened mainly because of debt restructuring to the tune of $4.7 million.
TPT Global Tech also announced that it had filed its Form 10 Q for the quarterly financial quarter ended on June 30, 2024. That ensured that the company remained compliant with the reporting rules of the United States Securities and Exchange Commission.
In the six-month period ended on June 30, 2024, TPT Global Tech generated net income of $1.7 million, and that signified a major improvement on the loss of $2.8 million in the same period in 2023. The cash spent during the same periods stood at $294977 in 2024 and $483008 in 2023. It would be interesting to see if the stock continues to add to its gains today and ends the week with fresh momentum.
Key Quote
“We are excited to be making progress towards our debt reduction efforts,” said Stephen Thomas, CEO of TPT Global Tech. “Equally important, we’ve become compliant with SEC financial reporting requirements by filing our Form 10-Q.
Looking ahead, Mr. Thomas has indicated that the Company’s plans are to further reduce its debt while strategically investing in global markets and cutting-edge technology. These initiatives are expected to continue to improve the balance sheet and support expansion efforts.
Technicals
| +/- EMA(20) | 0.0001 (+200.00%) |
| +/- SMA(50) | 0.0002 (+50.00%) |
| +/- SMA(200) | 0.0004 (-25.00%) |
| 5-Day Perf. | +200% |
| 1-Month Perf. | +50% |
| 3-Month Perf. | -25% |
| 6-Month Perf. | -57.14% |
| YTD Perf. | -25% |
| 1-Year Perf. | -75% |
| RSI(14) | 76.32 |
| ATR(14) | – |
| ADX(14) | 11.08 |
| Beta (5Y) | 0.19 |