TPT Global Tech Announces $3,000,000 Equity Financing to Support VuMe Super App Launch and Strengthen Financial Position

SAN DIEGO, CA / ACCESSWIRE / February 23, 2024 / TPT Global Tech, Inc. (OTC PINK:TPTW) www.tptglobaltech.com), a leading innovator in the telecommunications and technology industries is pleased to announce that it has entered into a $3,000,000 equity financing agreement with MACRAB, LLC ("MACRAB") ("Equity Line" or "Facility") under the terms of a Standby Equity Commitment Agreement (the "Investment Agreement"), as well as a registration rights agreement related thereto ("Registration Rights Agreement"). The $3,000,000 financing term is a maximum duration of 24 months. Under the terms of the Registration Rights Agreement, a Form S-1 Registration Statement will be filed with the Securities & Exchange Commission ("SEC") to register the common shares that may be issued in connection with this Facility.

This strategic financial arrangement is designed to support the company's corporate endeavors, notably the launch of the innovative VuMe Super App and the enhancement of the company's financial structure through debt reduction. The company also is currently raising capital through its SEC-qualified Tier 2 1A Preferred Share offering https://tptglobaltech.com/presentations/ .

The Standby Equity Commitment Agreement provides TPT Global Tech with a reliable source of capital over the next 24 months. This agreement allows the company to draw down funds in tranches, as needed, giving it the flexibility to manage cash flow efficiently while aggressively pursuing its strategic objectives. The terms of the agreement have been structured to align with the company's growth trajectory and operational needs, ensuring that TPT Global Tech can access capital in a manner that minimizes dilution and maximizes value for existing shareholders.

Stephen Thomas, CEO of TPT Global Tech, expressed his enthusiasm for the agreement, stating, "This Standby Equity Commitment is a testament to our partners' confidence in TPT Global Tech's vision and strategic direction. It provides us with the financial flexibility to accelerate the development and launch of our VuMe Super App, a platform we believe will redefine user engagement across multiple digital services. Additionally, this commitment allows us to improve our balance sheet by reducing debt, positioning us for sustainable growth and long-term success."