Explanation
A press release issued by the Company on the evening of January 22, 2025 contained an inadvertent error that incorrectly stated 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 entitled to receive fractional shares as a result of the reverse stock split would be entitled to receive cash in return.
Seoul, South Korea / ACCESS Newswire / January 22, 2025 / Global Interactive Technologies, Inc. (NASDAQ:) (“Global Interactive” or the “Company”), a media technology company and creator of FANTOO, an all-in-one social media experience that connects K-culture fans around the world, today announced the following: We announced that. The company announced that it will conduct a 20-to-1 reverse stock split (hereinafter referred to as the “stock reverse split”) of its issued and outstanding common stock (par value $0.0001 per share) (hereinafter referred to as 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 outstanding shares of common stock will be automatically reclassified as one new share of common stock. Due to the reverse stock split, no fractional shares will be issued. Shareholders entitled to receive fractional shares as a result of the reverse stock split are entitled to receive cash in return.
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 at market open on January 27, 2025. The common stock after the reverse stock split will be 411292204.
The primary purpose of the reverse stock split is for the Company to comply with the minimum bid price requirement of $1.00 in order to maintain its listing on Nasdaq. There is no guarantee that we will meet minimum bid price requirements.
The Company's Board of Directors approved the reverse stock split of 20 shares into 1 share at the board meeting held on November 20, 2024. Our stockholders have approved a 1-for-20 reverse stock split of up to 20 shares on December 30, 2024.
About Global Interactive Technologies Co., Ltd.
Global Interactive Technologies, Inc. is the creator of FANTOO, an engaging and innovative social media platform. FANTOO brings together users around the world who share the same interests by providing distinctive services, technologies, applications and websites. Through FANTOO, users can interact with other like-minded users, share their appreciation for different types of entertainment and culture, create their own content, enjoy the content of others, and participate in commerce on a global scale. provides a multimedia platform. Experience what we believe is a “Fandom” community like no other. For more information, please visit www.han Ryuholdings.biz.
Forward-looking statements
This press release contains forward-looking statements regarding our 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 risks and uncertainties regarding the satisfaction of customary closing conditions related to the anticipated acquisition or changes in the Company's expected results of operations related to the acquisition; These factors include, but are not limited to: These and other risks and uncertainties are identified as “Risk Factors” in our public filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. are detailed in the section entitled. The forward-looking statements contained in this announcement are made as of the date hereof, and we undertake no obligation to update such information except as required by applicable law.
Investor contact information
Kim Tae Hoon
ktn@hanryoholdings.biz
sauce: Global Interactive Technologies Co., Ltd.
Read the original press release on ACCESS Newswire
