Global Technologies Ltd 8-K, filed May 25, 2023
Global Technologies Ltd (GTLL)
About this 8-K
Global Technologies Ltd filed this 8-K on May 25, 2023.
Items reported
- Item 8.01: Other events
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Item 8.01 Other events
Termination of Tersus Power Inc. Share Exchange Agreement
As previously disclosed in the Current Report on Form 8-K as filed with the Securities and Exchange Commission by the Company on March 10, 2022, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with Tersus Power Inc. and the Tersus Shareholders (collectively, “Tersus”).
On May 24, 2023, the Company notified Tersus that it has elected to terminate the Exchange Agreement as per section 5.1(a)(iv).
Cancellation of name change and reverse stock split
As result of the Company’s election to terminate the Exchange Agreement, the Company’s Board of Directors has elected to rescind the previously announced corporate action to change the corporate name to Tersus Power, Inc. and effect a reverse split of the Company’s Class A Common Stock.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| GLOBAL TECHNOLOGIES, LTD | ||
| Date: May 25, 2023 | By: | /s/ Fredrick Cutcher |
| Name: | Fredrick Cutcher | |
| Title: | Chief Executive Officer | |