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 all-in-one social networking experience connecting fans of today’s K culture around the world. announced that it will effect a 1-for-20 reverse stock split (“Reverse Stock Split”) of its issued and outstanding common shares, with a par value of $0.0001 per share (“Common Shares”). The reverse stock split will become effective at 12:01 a.m. Eastern Time on January 27, 2025. At that time, every 20 shares of common stock issued and outstanding will automatically reclassify 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 up.
Global Interactive’s common stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the existing symbol “GITS” and will begin trading on a split-adjusted basis when the market opens on January 27, 2025. The new CUSIP number for common shares after the reverse stock split it will be 411292204.
The primary purpose of the reverse stock split is for the Company to meet the minimum offering price requirement of $1.00 to maintain its listing on Nasdaq. There is no guarantee that the Company will meet the minimum offering price requirement.
The Company’s board of directors approved a reverse stock split of up to 1 for 20 shares at its board of directors meeting on November 20, 2024. The Company’s shareholders approved a reverse stock split of up to 1 for 20 shares on November 30 December 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 providing them with distinctive service offerings, technologies, applications and websites. Through FANTOO, we provide a global multimedia platform for our users to interact with other like-minded users, share their appreciation for various 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. For more information, visit www.gitechnologies.com.
Forward-looking statements
This press release contains forward-looking statements regarding the Company’s current expectations. 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 result in changes in the Company’s anticipated results of operations related to acquisitions. These and other risks and uncertainties are described in more detail in the section titled “Risk Factors” in the Company’s public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Reports. on Form 10-Q. The forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to update such information, except as required by applicable law.
Contact with investors
Taehoon Kim
ktn@hanryuholdings.biz
FOUNTAIN: Global Interactive Technologies, Inc.
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