Police came across Schultz at an Atlanta college campus after a call about a "person with a knife and a gun", officials told the BBC. When officers responded in large numbers to the scene, they made contact Schultz, who was barefoot and armed with a multi-purpose tool - police initially described it as being a knife.
Schultz was pronounced dead early Sunday morning after being taken to Grady Memorial Hospital in Atlanta, Fox 5 Atlanta reported. Footage after the shooting, however, shows a metal, flip-open utility tool that would likely include a small blade, lying on the ground.
"As you might have heard, last night we lost our president, Scout Schultz", said a Pride Alliance statement. However, the cops opened fire on him when he approached them with what they thought was a knife in his hand.
Schultz's parents have hired trial attorney L Chris Stewart to represent them ahead of the investigation into their child's death. Three police officers are shown pointing weapons at Schultz as they slowly walk toward the officers.
"Scout always reminded us to think critically about the intersection of identities and how a multitude of factors play into one's experience on Tech's campus and beyond", the group wrote.
At Georgia Tech, Schultz was president of the school's Pride Alliance, which is a student organization for LGBTQ students and allies.
In a cell phone video taken by a witness, police repeatedly order 21-year-old Schultz to drop the knife.
"We are deeply saddened by what has occurred".
She added that Schultz had numerous medical issues, suffered from depression and had attempted suicide two years ago.
A spokesman for the Georgia Tech Police Department, told CNN their officers do not carry stun guns.
The activists' mother said police shouldn't have used lethal force.
Schultz was the one who called 911, GBI spokeswoman Nelly Miles said in an emailed statement Monday. "There was no one around at risk", Stewart said.
Students have been warned to stay inside and secure due to "violent protests" on campus, Georgia Tech said.