secwatch.observer — SEC 8-K summary
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Issuer:     GBT Technologies Inc. (GTCH)
CIK:        0001471781
Form:       8-K
Filed at:   2023-12-19T23:59:59+00:00
Accession:  0001731122-23-002262
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GBT Technologies' affiliate amends patent sale agreement to cap conversion shares at 19.99%
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- Amendment to Patent Purchase Agreement adds Section 2.4: conversion of Series A Preferred Stock cannot exceed 19.99% of post-closing outstanding common stock without Bannix shareholder approval.
- Series A Preferred Stock has $1,000 stated value, convertible at 5% discount to 20-day VWAP (min $1.00), with 4.99% beneficial ownership limitation.
- Original PPA valued at $42.5M for patents covering machine learning-driven radio wave imaging technology; closing contingent on Bannix's acquisition of EVIE Autonomous Group.
- Lock-up on Series A Preferred and conversion shares: six months after closing, change of control, or Bannix written consent.
- GBT Tokenize Corp. (50% owned by GBT Technologies) is the seller; Bannix Acquisition Corp. is the purchaser.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1471781/000173112223002262/0001731122-23-002262-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1471781/000173112223002262/e5282_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001731122-23-002262

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