On May 30, 2018, the Company elected to terminate the corproate action that was filed with Finra for the proposed reverse stock split and name change. The Company may elect to refile this same corporate action in the future.
What stock of Global Technologies, Ltd. is being reverse split?
Only the Company’s Class A Common Stock(publicly traded) will be reverse split. The Company’s Class B Common Stock and Preferred Stock will not be split.
What is the ratio for the reverse stock split?
1:2000. Therefore, for every 2000 shares of common stock (“old common stock”) of Global Technologies, Ltd you own prior to the effective date of the reverse split, you will own one share of common stock (“new common stock”) after the effective date.
What happens if I do not own exactly 2000 shares?
The Company will round up shares in the reverse split. Therefore, if a shareholder owns 1900 shares prior to the effective date of the reverse stock split, they will receive 1 share of the new common stock. If a shareholder owns 2100 shares, they will receive 2 shares of the new common stock.
When is the Effective Date?
The Company filed an Issuer Company-Related Action Notification form with the Financial Industry Regulatory Authority (“FINRA”) on February 9, 2018 with a proposed effective date of February 26, 2018. FINRA will determine the final date at which the Company will begin trading post-reverse split.
Do I need to contact my broker about the reverse split?
No. Your broker will receive notification automatically.
Will the stock symbol change?
Will I be able to sell my shares after the reverse stock split?