secwatch.observer — SEC 8-K summary
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Issuer:     GBT Technologies Inc. (GTCH)
CIK:        0001471781
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001731122-23-001307
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GBT Technologies issues Series I Preferred convertible into 10B shares under amended JV
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- GBT contributes all IP to GBT Tokenize and issues 1,000 shares of Series I Preferred, stated value $35K/share.
- Series I Preferred converts at $0.0035/share; full conversion yields 10 billion common shares, massive potential dilution.
- GBT pledges 50% stake in GBT Tokenize and 100% of subsidiary Greenwich to Magic as security.
- Prior contributions: 166M common shares valued at ~$50K; JV had impairment charges of $5.5M (2020) and $15.4M (2021).
- Magic previously funded $250K to GBT Tokenize; amended JV restates prior agreements.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1471781/000173112223001307/0001731122-23-001307-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1471781/000173112223001307/e4867_8k.htm
  HTML page:      https://secwatch.observer/filing/0001731122-23-001307

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer