Global Interactive Technologies, Inc. A 1-for-20 reverse stock dividend was announced by Investing.com
Seoul, Korea / ACCESS Newswire / January 22, 2025 / Global Interactive Technologies, Inc. (Nasdaq:GITS) (“Global Interactive” or the “Company”), a media-tech company and creator of FANTOO, a comprehensive social media experience connecting k-culture fans worldwide, today. announced a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the issued and outstanding common shares at a price of $0.0001 per share. (the “Common Stock”). 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 outstanding and outstanding common stock will be immediately split into one new common share. No fractional shares will be issued in connection with the reverse stock split. All fractional shares are rolled up.
Global Interactive’s Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the existing symbol “GITS” and will begin split-adjusted trading when the market opens on January 27, 2025. Following the reverse stock split, the new CUSIP number for the common stock will be 411292204.
The reverse stock split is primarily intended to keep the company listed on the Nasdaq in order to meet the $1.00 minimum bid price requirement. There is no guarantee that the Company will meet the minimum bid price requirement.
The company’s board of directors has approved a 1-for-20 reverse stock split at its board meeting on November 20, 2024. The company’s shareholders have approved a reverse dividend of up to 1-for-20 shares 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 like-minded users around the world by providing unique service offerings, technologies, applications and websites. Through FANTOO, we provide a global multimedia platform for our users to connect with other like-minded users, share their appreciation for various forms of entertainment and culture, create their own content, enjoy other users’ content, and engage in business. And experience a “fandom” community 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 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 risks and uncertainties related to the satisfaction of customary closing conditions related to anticipated acquisitions, or conditions that result in changes in the Company’s anticipated operations related to acquisitions. These and other risks and uncertainties are further discussed in the “Risk Factors” section of the Company’s public filings with the Securities and Exchange Commission, including its Annual Reports 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.
Investor relations
Taehoon Kim
ktn@hanryuholdings.biz
Source: Global Interactive Technologies, Inc.
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