TPT Global Tech (OTC:TPTW) Stock in Focus After Latest News
The management of many companies listed on the OTC Markets harbors the possibility of uplisting to a bigger exchange like the NASDAQ, and it is no different for TPT Global Tech (OTC:TPTW). On August 10, the company’s chairman, founder, and chief executive officer, Stephen Thomas, went to an interview with Stephen Gunnion of Proactive.
During the course of the interview, he spoke about the journey made by TPT Global so far and provided a look into the path for eventually listing on NASDAQ. It may be a good idea to take a look at some of the highlights from the chat. The company was established in 2003 as a specialist in the voice over IP technology space. However, the company, which is based out of San Diego, now boasts four principal divisions: media production, real estate, ISP telecom, and software as a service (SAAS).
Thomas stated in his interview that the company was in the middle of a major upward trajectory, and while it was trading on the OTC Markets, he noted at the time that there were plans to uplist the stock to the NASDAQ in 120 days. He stated that the acquisition that the company had made of broadband infrastructure had not only strengthened its cash flow situation and equity but also fulfilled the listing requirements of NASDAQ.
A listing on NASDAQ, which is one of the biggest stock exchanges in the world, could be a significant boost for the company. The TPT Global stock would be listed on an exchange that attracts millions of investors every day and also offers higher liquidity, exposure to billions of dollars in capital, and the attention of institutional investors. The company’s CEO also spoke about the VuMe super app from TPT Global, which would be the first of its kind in the Western Hemisphere. Ahead of its potential uplisting to NASDAQ, the company’s journey of growth continued apace with a fundraising campaign that raised $38 million.
On August 1, the company announced that it had entered into an acquisition agreement to pick up 100% of all the outstanding shares in Broadband Infrastructure Inc. (BII). BII is a fiber optic infrastructure builder for government agencies and telecom carriers across the United States. The price for completing the transaction was $9 million, out of which $6 million had been paid by TPT Global in the form of promissory notes, while the rest was paid in the company’s Series E Preferred Stock.
The company further noted that the promissory note could be paid through a Reg A capital raise or an S-1 registered offering at the time it would raise capital for listing on a major stock exchange in the United States. The transaction is going to be closed by September 30, 2023 at the latest; however, the company did state that the deadline could also be extended. At the time, it was noted that BII was a debt-free company except for an outstanding SBA loan of $500,000.
