TPT Global Tech, Inc. (OTCPK:TPTW) entered into an acquisition agreement to acquire Broadband Infrastructure, Inc. for $9 million on July 28, 2023. As for consideration, total acquisition price of $9 million, comprises $6 million in a Promissory Note and 0.6 million shares of its Series E Convertible Preferred Shares Preferred Stock at a stated price of $5 per share or $3 million. The Promissory Note may be paid from proceeds raised from the Company's existing Reg.

A capital raise or an S-1 Registered Offering in conjunction with a capital raise and listing on a major U.S. Stock Exchange. The Form of Promissory Note shall be provided during the due diligence period but is subject to a security agreement on the assets being acquired. The Series E Preferred Stock is convertible into common stock at a 25% discount to market with an automatic conversion upon the Company up listing to a major U.S. Stock Exchange.

Closing is to include such that BII will be debt free except for an SBA loan outstanding for $0.5 million. As of August 1, 2023, Broadband Infrastructure, Inc. reported a revenue of $17.5 million for the period ended December 31, 2022. The closing is set no later than September 30, 2023.

As of December 15, 2023, closing to occur after consideration given and conditions met which primarily relate to standard representation of compliances, consents, and completion of Broadband?s audit.