Global Interactive Technologies, Inc. Announces Receipt of a Delinquency Compliance Alert Notice from Nasdaq

Rhea-AI Summary

Global Interactive Technologies (NASDAQ:GITS) has received a delinquency compliance alert from Nasdaq on April 24, 2025. The notice stems from the company's failure to file its Annual Report (Form 10-K) for the year ended December 31, 2024, with the SEC in a timely manner.

This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires immediate attention. The company has been given a 60-day window from the notification date to submit a compliance restoration plan to Nasdaq. Global Interactive Technologies has stated they expect to file the overdue Form 10-K promptly to regain their compliance status.

Positive

• Company has 60 days to submit compliance plan to Nasdaq
• Management expects to file Form 10-K promptly

Negative

• Failed to file Annual Report (Form 10-K) on time
• Non-compliance with Nasdaq listing requirements
• Risk of potential delisting if compliance is not regained

Insights

Securities Regulation Expert

Nasdaq delinquency notice for late 10-K filing creates compliance risk; company has 60 days to submit remediation plan.

Global Interactive Technologies' receipt of a delinquency compliance alert from Nasdaq represents a significant regulatory development that investors should monitor closely. The failure to timely file the Annual Report (10-K) has triggered non-compliance with Nasdaq Listing Rule 5250(c)(1), initiating a structured remediation process.

The company now faces a 60-day deadline to submit a compliance plan to Nasdaq. While management states they expect to file the Form 10-K "promptly," the absence of a specific timeline creates uncertainty. This regulatory situation introduces several material risks:

• Potential progression toward delisting procedures if not remediated
• Reduced investor confidence and potential share price pressure
• Restricted access to capital markets during non-compliance

This notice represents the initial stage of Nasdaq's multi-step compliance process. Many companies successfully navigate this process by submitting acceptable plans and returning to good standing. However, the effectiveness depends entirely on the company's ability to address whatever underlying issues caused the delayed filing.

The lack of explanation for the delay is particularly noteworthy, as it prevents investors from assessing the severity of the situation. Until the 10-K is filed and compliance is restored, this regulatory uncertainty will likely remain an overhang on the stock.

SEOUL, KOREA / ACCESS Newswire / April 28, 2025 / Global Interactive Technologies, Inc. (NASDAQ:GITS) (the "Company"), announced that on April 24, 2025, it received a delinquency compliance alert notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") advising the Company that due to the Company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024 with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of all required periodic reports with the SEC.

Under Nasdaq rules, the Company has 60 calendar days from the date of the Nasdaq Notification Letter to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1). The Company expects to file the Form 10-K promptly to regain compliance with Nasdaq Listing Rule 5250(c)(1).

About Global Interactive Technologies, Inc.

Global Interactive Technologies, Inc., is the creator of the engaging and innovative social media platform, "FANTOO" FANTOO connects users around the world that share similar interests by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we provide a global multi-media platform for our users to interact with other like-minded users, to share their appreciation of various types of entertainment and cultures, create their own content, enjoy other users' content, engage in commerce, and experience a "fandom" community we believe is unlike any other. For more information, please visit www.gitechnologies.com.

Forward-Looking Statements

This announcement contains forward-looking statements as defined under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, formulated in accordance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements, reflecting the Company's projections about its future financial and operational performance, employ terms like ‘believes,' ‘estimates,' ‘anticipates,' ‘expects,' ‘plans,' ‘projects,' ‘intends,' ‘potential,' ‘target,' ‘aim,' ‘predict,' ‘outlook,' 'seek,' ‘goal,' ‘objective,' ‘assume,' ‘contemplate,' ‘continue,' ‘positioned,' ‘forecast,' ‘likely,' ‘may,' ‘could,' ‘might,' ‘will,' 'should,' ‘approximately,' and similar expressions to convey the uncertainty of future events or outcomes. These forward-looking statements are based on the Company's current expectations, assumptions, and projections, involving judgments about future economic conditions, competitive landscapes, market dynamics, and business decisions, many of which are inherently challenging to predict accurately and are largely beyond the Company's control. Additionally, these statements are subject to a multitude of known and unknown risks, uncertainties, and other variables that could significantly diverge the Company's actual results from those depicted in any forward-looking statement. These factors include, but are not limited to, varying economic conditions, competitive pressures, and regulatory changes. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Company Contact:

Global Interactive Technologies, Inc.
Taehoon Kim
tkc@gitechnologies.com

Investor Contact:

Global Interactive Technologies, Inc.
Taehoon Kim
tkc@gitechnologies.com

SOURCE: Global Interactive Technologies, Inc.

View the original press release on ACCESS Newswire

FAQ

What happens if GITS fails to file its 2024 Form 10-K with Nasdaq?

If GITS fails to submit a compliance plan within 60 days or doesn't file its 2024 Form 10-K, it risks being delisted from Nasdaq for violating listing rule 5250(c)(1) which requires timely filing of periodic reports.

When must GITS submit its compliance plan to Nasdaq after receiving the April 2025 delinquency notice?

GITS must submit its compliance plan to Nasdaq within 60 calendar days from April 24, 2025, when they received the delinquency notification letter.

Why did GITS receive a Nasdaq delinquency notice in April 2025?

GITS received a Nasdaq delinquency notice because they failed to timely file their Annual Report (Form 10-K) for the year ended December 31, 2024, violating Nasdaq's continued listing requirements.

How can GITS regain compliance with Nasdaq listing rules after the April 2025 notice?

GITS can regain compliance by promptly filing their Form 10-K for the year ended December 31, 2024, with the SEC, as stated in their response to the Nasdaq notification.

What Nasdaq rule did GITS violate in April 2025?

GITS violated Nasdaq Listing Rule 5250(c)(1), which requires companies to file all required periodic reports with the SEC in a timely manner.