GTX Corp. (OTCMKTS:GTXO) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sale of Equity Securities.
On November 21, 2016, GTX Corp. (the Company) closed a financing
transaction with two (2) accredited investors (Purchasers)
whereby the Purchasers agreed to invest an aggregate of up to
$152,500 to assist the Company with purchasing inventory to
fulfill recent orders. To date, the Company has received $52,500.
The Company anticipates receiving the remaining funding in two
(2) tranches within the next 60 days.
to the investment terms, the Purchasers acquired non-interest
bearing convertible notes, issued to Section 4(a)(2) of the
Securities Act of 1933, that may convert into the Companys common
shares at either a price equal to 51% of the lowest trading price
in the prior 20 days or $0.005, whichever is lower. The first
note matures on May 14, 2017. The Company may prepay the notes at
any time with the following conditions; if the Company prepays
the notes within the first 90 days, 10 % is added to the payoff
amount. If the Company prepays the notes after the first 90 days,
20% is added to the payoff amount.
About GTX Corp. (OTCMKTS:GTXO)
GTX Corp is a holding company that owns and operates two subsidiaries engaged in wearable technology business. The Company’s subsidiaries are Global Trek Xploration (GTX California) and LOCiMOBILE, Inc. The Company and its subsidiaries are engaged in the design, development, manufacturing, distribution and sale of five related products and services in the global positioning system (GPS) and Bluetooth low energy (BLE) wearable technology personal location and wandering assistive technology business. Through an enterprise (Internet of things (IoT)) monitoring platform and licensing subscription business model, the Company offers a solution of hardware, middleware, applications, connectivity and professional services. The Company has focused on building channels of distribution for its product lines of embedded devices, Stand-Alone devices and Digital Applications, which all funnel into the GTX Corp IoT monitoring platform. GTX Corp. (OTCMKTS:GTXO) Recent Trading Information
GTX Corp. (OTCMKTS:GTXO) closed its last trading session down -0.00010 at 0.00690 with 840,000 shares trading hands.