Global Entertainment Holdings Inc (OTCMKTS:GBHL) is an independent entity that is involved in producing content and OTT distribution at a global level. Yesterday, the company came into the news cycle after it announced that some of its shareholders had concluded a securities purchase agreement in relation to the sale of the Series C Preferred Shares in Global Entertainment Holdings.
Global Entertainment Holdings Announces New Developments In Growth Strategy
The sale is also going to result in a change in voting control and hence, it was quite a significant announcement. This transaction is going to help Global Entertainment Holdings in completing the acquisition of a company based out of California which is involved in the sales, installation, and manufacturing of home improvement products.
Perhaps more importantly, the transaction would help the company in completing the transaction in a cashless stock exchange. In OTC Market filings from Global Entertainment Holdings in the past, it had been noted by the company that it was looking into acquisitions so as to grow its division for consumer brands.
The company went on to add that these brands also have considerable potential with regard to organic growth. The company also announced that it had raised the number of its authorized common stock to around 15.95 billion for funding its acquisition strategy.