Global Interactive Technologies, Inc. (NASDAQ:GITS) (the “Company”), a media-tech company and creator of FANTOO, an all-in-one social media experience connecting k-culture fans globally, today announced that on February 5, 2025, the Company received a notification letter (the “Determination Letter”) from the staff at the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”).
As disclosed in the Company’s Form 8-K filed on August 9, 2024, Nasdaq granted the Company 180 days, until February 3, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company’s common stock to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”). To regain compliance, the Company’s common stock needed to satisfy the Minimum Bid Price Requirement for at least 10 consecutive business days by February 3, 2025. To meet this requirement, the Company effected a reverse stock split on January 27, 2025. However, the first trading date on which the Company satisfied the Minimum Bid Price Requirement for 10 consecutive business days was February 7, 2025, beyond the February 3, 2025 deadline. As a result, Nasdaq issued the Determination Letter notifying the Company that its common stock would be delisted due to its failure to regain compliance with Nasdaq Listing Rule 5550(a)(2) by the deadline, and the Company may appeal this determination pursuant to the procedures set forth in Nasdaq Listing Rule 5800 Series.
Based on discussions with the Staff, because the Company met the Minimum Bid Price Requirement for 10 consecutive business days as of February 7, 2025, it expects that the Staff would confirm the Company has regained compliance, allowing its common stock to continue trading on Nasdaq without interruption and obviating the need for appealing the delisting determination.
February 11, 2025
