secwatch.observer — SEC 8-K summary
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Issuer:     GLOBAL TECHNOLOGIES LTD (GTLL)
CIK:        0000932021
Form:       8-K
Filed at:   2023-07-31T23:59:59+00:00
Accession:  0001493152-23-026017
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Global Technologies acquires Fox Trot Tango LLC for $6.5M via note assumption and convertible debt
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- Purchase price of $6,500,000: assumption of $1,500,000 TK Secured Note, issuance of $1,600,000 secured convertible note, and earn-out of up to 680 shares Series L Preferred valued at up to $3,400,000.
- Seller Secured Note bears 6% interest, matures July 25, 2024, convertible into common stock at 100% of Market Price, with conversion cap of 9.99%.
- Company executed guaranty of TK Secured Note and pledged membership interests of FTT as collateral under Security Agreement and Pledge.
- FTT owns a 250,000 sq ft warehouse on 25 acres in Sylvester, GA; transaction closed July 25, 2023.
- Convertible note includes events of default, penalties for delayed share delivery, and covenants limiting incurrence of other debt or liens.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/932021/000149315223026017/0001493152-23-026017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/932021/000149315223026017/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-026017

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