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With access to new capital from the standby Equity line the company intends to strengthen its financial position as it prepares to launch its VüMe Super APP
SAN DIEGO, CA / ACCESSWIRE / July 10, 2024 / TPT Global Tech, Inc. (OTC PINK:TPTW) (www.tptglobaltech.com, the "Company"), a leading innovator in the telecommunications and technology industries, is pleased to announce that its Form S-1 related to its $3,000,000 Standby Equity Commitment Agreement with MACRAB, LLC (the "Standby Equity Commitment Agreement") is now effective with the SEC. Under the terms of this Standby Equity Commitment Agreement and the related Registration Rights Agreement, the Company now has access to weekly financing tranches. More details of the Standby Equity Commitment Agreement can be found in the Company's SEC filings
This financing arrangement, extending for a maximum of 24 months, provides TPT Global Tech with a source of capital to support its growth initiatives and the launch of its innovative VüMe Super App. The VüMe Super App aims to integrate a variety of digital services, including social media, multimedia streaming, and mobile payment options, into a single, seamless user experience. Additionally, we anticipate this may reduce some of the Company's debt burden.
As part of the Registration Rights Agreement, TPT Global Tech has filed a Form S-1 Registration Statement with the Securities & Exchange Commission ("SEC") to register the common shares that may be issued in connection with this Standby Equity Commitment Agreement.
Stephen Thomas, CEO of TPT Global Tech, commented on the agreement, stating, "We believe this Standby Equity Commitment Agreement is a testament to our partners' confidence in TPT Global Tech's vision and strategic direction. With access to weekly financing tranches, we have the financial flexibility to accelerate the development and launch of our VüMe Super App, a platform we believe will redefine user engagement across multiple digital services. Additionally, this allows us to improve our balance sheet by reducing debt, positioning us for sustainable growth and long-term success."
The Standby Equity Commitment Agreement allows TPT Global Tech to manage its cash flow better while pursuing its strategic objectives. This effective financing underscores TPT Global Tech's dedication to innovation and excellence in the telecommunications and technology sectors.
About TPT Global Tech
TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, Ally Pharma US and TPT Global, Inc. The Company operates in various sectors including media, telecommunications, Smart City Real Estate Development, and the launch of the first super App, VüMe Live technology platform.