Global Interactive Technologies, Inc. Announces Implementation of 1-for-20 Reverse Stock Split

On January 23, 2025, Global Interactive Technologies, Inc. (Nasdaq: GITS) filed a Form 8-K with the Securities and Exchange Commission, disclosing its intent to carry out a 1-for-20 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split, effective January 27, 2025, aims to enhance compliance with the $1.00 minimum bid price requirement for maintaining listing on the Nasdaq Capital Market.

The decision to proceed with the reverse stock split follows approval by the Company’s board of directors on November 20, 2024, and subsequent approval by shareholders on December 30, 2024. The approved ratio will entail that every 20 shares of the company’s Common Stock will be consolidated into one new share. Notably, no fractional shares will be issued post the reverse stock split, and shareholders slated to receive fractional shares will instead receive a cash equivalent.

The Common Stock of Global Interactive Technologies will continue to be traded on the Nasdaq under the symbol “GITS” on a split-adjusted basis starting January 27, 2025. Following the reverse stock split, the new CUSIP number for the Common Stock will be 411292204.

Furthermore, the Company has taken steps to effect this reverse stock split by filing a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware on January 10, 2025. This amendment solidifies the Reverse Stock Split at a rate of 1-for-20, with an effective date of January 27, 2025.

As a result of the reverse stock split, the Company’s issued and outstanding Common Stock, totaling 52,808,589 shares prior to the split, will be consolidated into approximately 2,640,429 shares following the adjustment, maintaining the current authorized shares and par value of the Common Stock.

It is important to note that the Reverse Stock Split has no significant dilutive impact on current stockholders, as their percentage ownership remains unchanged. The adjustment extends to the exercise or conversion prices for outstanding warrants, options, and other securities convertible into Common Stock.

Accompanying the SEC filing, the Company issued a press release on January 23, 2025, detailing the Reverse Stock Split. The press release, while providing relevant information to shareholders, is not considered a part of the formal SEC filing.

Global Interactive Technologies, Inc. is a renowned media-tech company widely known for its creation of FANTOO, an innovative social media platform aimed at global k-culture fans. For more information on the Company’s offerings, visit www.hanryuholdings.biz.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hanryu’s 8K filing here.

About Hanryu

Hanryu Holdings, Inc operates FANTOO, an online social media platform that connects users worldwide that share similar interests. Its platform allows users to interact with other like-minded users to share their appreciation of various types of entertainment and cultures, create and monetize their content, enjoy other users content, engage in commerce, and experience a fandom community.