TPT Global Tech Surges to Multi-Month High on Sudden Optimism
TPT Global Tech Inc (OTCMKTS:TPTW) has been in the news over the course of the past month or so and for a good reason too, considering the developments with regards to the company. On Monday, the TPT stock soared by as much as 45%, and it has become quite clear that the company has come into the radars of many investors.
Merge its Software and Genetics Divisions
In such a situation, it could be worthwhile for investors to take a closer look at TPT Global. Back on June 12, it emerged that through a press release that the company is going to merge genetic testing interpretation and software divisions of Rennova Health.
The two divisions in question are Advanced Molecular Services Group, Inc and Health Technology Solutions, Inc. (“HTS”), and they are going to be merged with TPT Global’s own subsidiary InnovaQor to be turned into a public company. The entire merger process is expected to be completed by the third quarter of the year.
The newly public company is going to be known as InnovaQor will have the ownership of certain technologies that belong to TPT Global and also a range of offerings from the two separate divisions of Rennova Health. However, it should be noted by investors that the ultimate completion of the merger is going to depend on a large number of consents and regulatory approvals. I
f it does get approved by the United States Securities and Exchange Commission, then shareholders of TPT Global are going to get 5 million shares in the new company InnovaQor.
That being said, there have been other interesting developments as well, and it would be remiss for investors not to be aware of those.
Restructures Convertible Promissory Note
Back in early June, the company announced that it was successful in restructuring its convertible promissory note that was owed to Odyssey Capital Funding LLC on June 3. The note in question was worth as much as $525,000, and following the successful restructuring completed on June 8, it has been converted into a non-convertible loan of a duration of 6 months.
The current balance includes the principal amount of $475,850 and the accrued interest of as much as $135,000. The combined value of the said term loan is now $610,850. The restructuring of the note is a major milestone for the company considering the fact that it reduces TPT Global’s pool of toxic debt obligations considerably.
These are all important developments for TPT Global, and it is not a surprise that the company has come into the radars of investors. However, at this point in time, it has become abundantly clear that the bulls have taken charge of the stock. The stock has come out of nowhere to record substantial gains within a short period of time.
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