Global Interactive Technologies, Inc. announces Investing.com’s 1-for-20 reverse stock split
Explanation
The press release we issued on the evening of January 22, 2025 inadvertently contained an error incorrectly stating that no fractional shares would be issued in connection with the reverse stock split and that all fractional shares would be rounded up. The press release should have stated that shareholders who would otherwise have been entitled to receive fractional shares as a result of the share reverse will be entitled to a cash payment instead.
SEOUL, KR / ACCESS Newswire / January 22, 2025 / Global Interactive Technologies, Inc. (NASDAQ:) (“Global Interactive” or the “Company”), a media technology company and creator of FANTOO, an end-to-end social media experience connecting k-culture fans worldwide, announced today that it will execute a 1-for-1 reverse stock split 20 (the “Reverse Stock Split”) 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, every 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. Shareholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock will be entitled to a cash payment instead.
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 matched split basis when the market opens on January 27, 2025. New CUSIP number for the common stock following the reverse stock bit will 411292204.
The reverse stock split is primarily intended to bring the Company into compliance with the $1.00 minimum offering price requirement in order to maintain its listing on the Nasdaq. There is no guarantee that the company will meet the minimum bid price requirement.
The Company’s board of directors approved a 1-for-20 reverse stock split at a board meeting on November 20, 2024. The Company’s stockholders approved a 1-for-20 reverse stock split on December 30, 2024.
About Global Interactive Technologies, Inc.
Global Interactive Technologies, Inc., is the creator of an engaging and innovative social media platform, “FANTOO” FANTOO connects users worldwide who share similar interests by providing a variety of service offerings, technologies, applications and websites. Through FANTOO, we provide our users with a global multimedia platform to interact with other like-minded users, to exchange opinions on various types of entertainment and culture, create their own content, enjoy other users’ content, participate in commerce, and experience the “fandom” community that we believe it is unlike any other. For more information, visit www.hanryuholdings.biz.
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 associated with the satisfaction of customary closing conditions related to anticipated acquisitions or factors resulting in changes in the Company’s expected operating results 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 the 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 obligation to update such information except as required by applicable law.
Contact with the investor
Taehoon Kim
ktn@hanryuholdings.biz
SOURCE: Global Interactive Technologies, Inc.
View the original press release on ACCESS Newswire
