SEOUL, KOREA / ACCESS NEWSWIRE / January 22, 2025 / Global Interactive Technologies, Inc. (Nasdaq:GITS) (“Global Interactive” or the “Company”), a media technology company and creator of FANTOO, an immersive social media experience that connects fans of Korean culture globally, today announced that it will implement a 1-for-20 reverse stock split (“Split Reverse Stock”) of its issued and outstanding common stock, par value $0.0001 per share (“Common Stock”). The reverse stock split will become effective at 12:01 a.m. ET on January 27, 2025. At that time, each 20 shares of common stock issued and outstanding will automatically be reclassified into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. All fractional shares will be rounded.
Global Interactive's common stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the current symbol “GITS” and will begin trading on a split-adjusted basis when the market opens on January 27, 2025. The new CUSIP number for the common stock following the reverse stock split will be 411292204.
The reverse stock split is primarily intended to bring the company into compliance with the minimum offering price requirement of $1.00 in order to maintain its listing on the NASDAQ. There is no guarantee that the company will meet the minimum offer price.
The Company's Board of Directors approved a reverse stock split of 1 for 20 shares at its Board of Directors meeting held on November 20, 2024. The Company's shareholders approved a reverse stock split of up to 1 for 20 shares on December 30, 2024.
About Global Interactive Technologies, Inc.
Global Interactive Technologies, Inc., is the creator of the engaging and innovative social media platform, “FANTOO”. FANTOO connects users around the world who share similar interests by offering unique service offerings, technologies, apps and websites. Through FANTOO, we provide a global multimedia platform for our users to interact with other like-minded users, share their appreciation for different types of entertainment and cultures, create their own content, enjoy other users' content, engage in commerce, and experience a “fandom” community that we believe is unlike any other. Any other society. For more information, please visit www.gitechnologies.com.
Forward-looking statements
This press release contains forward-looking statements regarding the Company's current prospects. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to anticipated acquisitions, or factors that lead to changes in the Company's expected results of operations related to acquisitions. These and other risks and uncertainties are described in more detail in the section entitled “Risk Factors” in the Company’s public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no duty to update this information except as required by applicable law.
Contact the investor
Taehyun Kim
ktn@hanryuholdings.biz
source: Global Interactive Technologies, Inc
View the original press release on ACCESS Newswire
