Global Technologies increases shareholder equity via preferred stock exchange

Global Technologies has entered into a Share Exchange Agreement to increase the Company’s shareholder equity. On June 25, 2024, the Company filed a designation for a new series of preferred stock, titled Series N Preferred Stock, with the Secretary of State of the State of Delaware. The Holders of the Series N shall vote together with the outstanding shares of Class A Common Stock and have a fixed conversion price of $.50 per share. On June 26, 2024, the Company entered into a Share Exchange Agreement with each of the Holders of the Company’s Series L Preferred Stock. As of the date of the Agreement, there were a total of 339 shares of Series L outstanding. As per the terms of the Agreement, shares of Series L were exchanged for shares of the newly designated Series N. A total of 1,864,500 shares of Series N were issued. All outstanding shares of Series L were retired. The exchange of outstanding Series L shares for Series N shares increases the Company’s shareholder equity by approximately $1.8 million.