Global Technologies Meets Merrill Credit Line Demand

Author:
Publish date:

Global Technologies

(GTLL)

said it was halting further sales of its stock holdings in

U.S. Wireless

(USWC)

as the company had satisfied Merrill Lynch's

demand to pay off a $10 million line of credit received in March.

The technology incubator said it sold 732,500 shares of U.S. Wireless and will retain about 2.3 milion shares, or more than two-thirds of its initial holdings.

A significant portion of the proceeds received from draws on the Merrill line of credit were used to fund the operations of

Network Connection

(TNCX)

, of which Global Technologies owns about 77% on a fully converted basis.

Shares of Global Technologies closed at 78 cents, off a 52-week high of $21.50 in trading on the

Nasdaq

.