UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On January 18, 2022, Classroom Salon Holdings LLC (“Classroom Holdings”), a Delaware limited liability company and Classroom Holdings, a wholly-owned subsidiary of Global Tech Industries Group, Inc.’s (“GTII” or the “Company”), a Nevada corporation, pending successful completion of a two-year audit of by an auditor subject to the public corporation accounting oversight board (“PCAOB”), signed and executed membership interest purchase agreements, as well as assignments of membership interests, for the acquisition of 100% of the interest in Classroom Salon LLC (“Classroom Salon”), a Pennsylvania limited liability company, with all of the members of Classroom Salon. On December 18, 2021, GTII and Classroom Holdings agreed to engage in a business combination whereby Classroom Holdings would become a wholly owned subsidiary of GTII when they a signed a membership interest purchase agreement (“MIPA”). Pursuant to the MIPA, the members of Classroom Holdings (the “Classroom Holdings members”) acquired ten million (10,000,000) shares of the common stock of GTII (the “GTII Common Stock”), issued as of December 18, 2021.
Item 1.02 Termination of A Definitive Material Agreement
On August 23, 2021 Global Tech Industries Group, Inc., a Nevada corporation (“GTII”), and We SuperGreen Energy Corp (“WSGE”) signed a binding letter agreement to engage in a merger/business combination. The completion of an audit of the financial statements of WSGE by an auditor subject to the public corporation accounting oversight board (“PCAOB”), was a condition to be met before the closing of the transaction could occur. On January 24, GTII provided notice to WSGE that the letter agreement has been terminated due to WSGE’s inability to provide audited financial statements by December 31, 2021, as provided therein.
Item 9.01 (d) Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
January 24, 2022
| GLOBAL TECH INDUSTRIES GROUP, INC. | ||
| /s/ David Reichman | ||
| By: | David Reichman | |
| Title: | Chairman and CEO | |
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