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SEOUL, KOREA / ACCESS Newswire / January 22, 2025 / Global Interactive Technologies, Inc. (Nasdaq:GITS) (“Global Interactive” or the “Company”), an information technology company and creator of FANTOO, a social media experience that connects k-culture fans around the world, today. announced that it will participate in a 1-for-20 reverse stock split (“Reverse Stock Split”) of its issued and outstanding shares of common stock, par value. $0.0001 per share (“Common Stock”). The Reverse Stock Split will become effective at 12:01 a.m., Eastern Time, on January 27, 2025. At that time, each of the 20 shares of Common Stock issued and outstanding will be reorganized into one new share of Common Stock. No shares will be issued in connection with the Reverse Stock Split. All component parts will be folded.
Global Interactive’s Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “GITS” and will begin trading separately when the market opens on January 27, 2025. The new number of CUSIP for Common Stock following the Reverse Stock Split will be 411292204.
The Reverse Stock Split is intended to bring the Company into compliance with the $1.00 minimum price required in order to maintain its Nasdaq listing. There is no guarantee that the Company will meet the minimum purchase price requirement.
The Company’s board of directors approved a 1-for-20 stock split at their November 20, 2024 board meeting. The Company’s shareholders approved a 1-for-20 stock split. 20 on 30 December 2024.
About Global Interactive Technologies, Inc.
Global Interactive Technologies, Inc., is the creator of the interactive social media platform, “FANTOO” FANTOO connects users around the world who share common interests by providing unique services, technologies, applications operations and websites. With FANTOO, we provide a global multimedia platform for our users to interact with other like-minded users, share their appreciation of different entertainment and cultures, create their own content , enjoying other users’ content, doing business, and having a community “fandom” that we believe is unlike any other. For more information, please visit www.gitechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements about 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, the risks and uncertainties associated with the satisfaction of customary closing conditions related to prospective acquisitions, or factors that cause changes in results the Company’s performance expectations related to the acquisition. 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 Filings Quarterly 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.
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SOURCE: Shares of Global Interactive Technologies, Inc.
See the original announcement on ACCESS Newswire
