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Global Interactive Technologies (NASDAQ:GITS) has announced a 1-for-20 reverse stock split of its common stock, effective January 27, 2025, at 12:01am Eastern Time. This strategic move aims to maintain the company's Nasdaq listing by meeting the $1.00 minimum bid price requirement.
The company issued a correction to their January 22, 2025 press release, clarifying that stockholders entitled to fractional shares will receive cash payments instead of rounded-up shares. Trading will continue under the symbol 'GITS' with a new CUSIP number 411292204.
This decision follows approval from the board of directors on November 20, 2024, and subsequent shareholder approval on December 30, 2024. However, the company notes there is no guarantee of meeting the minimum bid requirement despite this action.
Global Interactive Technologies (NASDAQ:GITS) has announced a 1-for-20 reverse stock split effective January 27, 2025, at 12:01am Eastern Time. The split will automatically reclassify every 20 shares of common stock into one new share, with fractional shares being rounded up.
The company will continue trading on the Nasdaq Capital Market under the symbol 'GITS' with a new CUSIP number 411292204. The primary purpose of this reverse split is to achieve compliance with Nasdaq's $1.00 minimum bid price requirement to maintain listing, though compliance is not guaranteed.
This decision follows board approval on November 20, 2024, and subsequent shareholder approval on December 30, 2024, for a reverse split of up to 1-for-20 shares.
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