GBT Technologies Inc. Enters and Terminates Agreements
Ticker: GTCH · Form: 8-K · Filed: Mar 22, 2024 · CIK: 1471781
Sentiment: neutral
Topics: material-agreement, termination, corporate-actions
TL;DR
GBT Tech just signed and axed a big deal on the same day. What's next?
AI Summary
On March 19, 2024, GBT Technologies Inc. entered into a material definitive agreement and also terminated a material definitive agreement. The company, formerly known as Gopher Protocol Inc. and Forex International Trading Corp., is incorporated in Nevada and operates in the management consulting services sector.
Why It Matters
The simultaneous entry into and termination of material definitive agreements suggests significant strategic shifts or renegotiations for GBT Technologies Inc., impacting its business operations and future direction.
Risk Assessment
Risk Level: medium — The simultaneous entry into and termination of material definitive agreements indicates potential volatility and uncertainty in the company's strategic direction and contractual relationships.
Key Numbers
- 000-54530 — Commission File Number (Identifies the company's SEC filing history.)
- 27-0603137 — IRS Number (Company's Employer Identification Number.)
Key Players & Entities
- GBT Technologies Inc. (company) — Filer
- March 19, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- 8742 (sic_code) — Standard Industrial Classification
- Gopher Protocol Inc. (company) — Former company name
- Forex International Trading Corp. (company) — Former company name
FAQ
What was the nature of the material definitive agreement that GBT Technologies Inc. entered into on March 19, 2024?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
What were the reasons for the termination of the material definitive agreement by GBT Technologies Inc. on March 19, 2024?
The filing states the termination of a material definitive agreement, but the reasons for this termination are not detailed in the provided text.
When did GBT Technologies Inc. change its name from Gopher Protocol Inc.?
GBT Technologies Inc. changed its name from Gopher Protocol Inc. on February 25, 2015.
What is GBT Technologies Inc.'s Standard Industrial Classification (SIC) code?
GBT Technologies Inc.'s SIC code is 8742, which corresponds to SERVICES-MANAGEMENT CONSULTING SERVICES.
Where is GBT Technologies Inc. headquartered?
GBT Technologies Inc.'s business address is listed as 2500 Broadway Suite F125, Santa Monica, CA 90404.
Filing Stats: 772 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-03-22 16:00:35
Key Financial Figures
- $30,000,000 — . The Purchase Price for the asset is $30,000,000 (the "Purchase Price"), which VisionWav
- $0.0001 — e will pay with shares of common stock, $0.0001 par value per share (the "Common Stock"
Filing Documents
- e5523_8k.htm (8-K) — 24KB
- e5523_ex10-1.htm (EX-10.1) — 48KB
- 0001731122-24-000474.txt ( ) — 246KB
- gtch-20240319.xsd (EX-101.SCH) — 3KB
- gtch-20240319_lab.xml (EX-101.LAB) — 33KB
- gtch-20240319_pre.xml (EX-101.PRE) — 22KB
- e5523_8k_htm.xml (XML) — 3KB
02 Termination of Material Definitive Agreement
Item 1.02 Termination of Material Definitive Agreement On August 8, 2023, Bannix Acquisition Corp. ("Bannix") entered into a Patent Purchase Agreement ("PPA") with Tokenize, which is 50% owned by the Company, which was consented to by the Company. The closing date of the PPA was set to be immediately follow the closing of the Business Combination Agreement ("BCA") by Bannix with EVIE Autonomous Group Ltd. ("EVIE"). On March 11, 2024, Bannix sent EVIE and the shareholder of EVIE a notice providing that the BCA has been terminated ("BNIX EVIE Termination Letter") As the PPA was contingent upon Bannix closing the acquisition of the EVIE and due to the BNIX EVIE Termination Letter, on March 19, 2024 Bannix and Tokenize agreed to terminate the PPA which was consented to by the Company The foregoing description of the terms of the above transactions do not purport to be complete and are qualified in their entirety by reference to the provisions of such agreements, the forms of which are filed as exhibits to this Current Report on Form 8-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are filed with this Form 8-K: Exhibit Number Description 10.1 Patent Purchase Agreement dated March 19, 2024 between GBT Tokenize Corp. and VisionWave Technologies, Inc.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GBT TECHNOLOGIES INC. By: /s/ Mansour Khatib Name: Mansour Khatib Title: Chief Executive Officer Date: March 22, 2024