Global Interactive Technologies, Inc. Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

Rhea-AI Summary

Global Interactive Technologies (NASDAQ:GITS), the media-tech company behind FANTOO, has successfully regained compliance with Nasdaq's minimum bid price requirement. The company received confirmation from Nasdaq's Listing Qualifications Department on February 10, 2025, that it has met the necessary criteria by maintaining a share price above $1.00 for at least 10 consecutive business days, specifically from January 27 through February 7, 2025. This development ensures GITS will continue to be listed and traded on the Nasdaq exchange, resolving their previous bid price deficiency matter.

Positive

• Regained Nasdaq listing compliance, eliminating delisting risk
• Maintained share price above $1.00 for required period
• Continues to trade on major exchange, ensuring better liquidity and market access

Negative

• Recent history of share price weakness that led to compliance issues

Insights

Regulatory Compliance Analyst

The successful compliance with Nasdaq's minimum bid price requirement represents a critical milestone for Global Interactive Technologies. This development eliminates a significant regulatory overhang that had been pressuring the stock, as non-compliance could have led to a forced delisting from the Nasdaq exchange. Maintaining a Nasdaq listing is important for several reasons:

1. Enhanced Liquidity and Market Access: Nasdaq listing provides access to a broader investor base and typically ensures better trading liquidity compared to over-the-counter markets.

2. Institutional Investment Eligibility: Many institutional investors and mutual funds have mandate restrictions that only allow investments in major exchange-listed securities. Maintaining the listing keeps GITS accessible to these significant capital sources.

3. Corporate Credibility: A Nasdaq listing serves as a mark of credibility and financial stability, which can be particularly valuable for a media-tech company operating in the competitive K-culture market.

While this compliance achievement is positive, investors should note that the company will need to maintain this momentum to avoid future listing concerns. The focus now shifts to the company's fundamental business performance and growth strategy in the K-culture social media space, which will be important for maintaining and building upon this regulatory milestone.

SEOUL, KOREA / ACCESS Newswire / February 10, 2025 / 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 10, 2025, the Company received a notification letter from the staff at the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), confirming that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Rule").

To regain compliance with the Rule, the Company's common stock was required to maintain a minimum bid price of $1.00 or more for at least 10 consecutive business days by February 3, 2025. As the minimum bid price of the Company's common stock has remained above $1.00 per share from January 27, 2025, through February 7, 2025, the Staff considers the prior bid price deficiency matter now closed, and the Company has regained compliance.

The Company's common stock will continue to be listed and traded on Nasdaq.

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 press release contains "forward-looking statements." These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "would," "should," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue," "approximates," "assesses," "hopes," "projects," "intends," or similar expressions. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct; and, the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company's "Risk Factors" section and other sections in its most recent Annual Report on Form 10-K, and subsequent quarterly and other filings with the United States Securities and Exchange Commission.

Investor Contact
Taehoon Kim
tkc@gitechnologies.com

SOURCE: Global Interactive Technologies, Inc.

View the original press release on ACCESS Newswire

FAQ

When did GITS regain Nasdaq compliance in 2025?

GITS regained Nasdaq compliance on February 10, 2025, after maintaining a share price above $1.00 from January 27 through February 7, 2025.

What was the minimum share price GITS needed to maintain for Nasdaq compliance?

GITS needed to maintain a minimum bid price of $1.00 per share for at least 10 consecutive business days.

How long did GITS need to maintain the minimum bid price for Nasdaq compliance?

GITS needed to maintain the minimum bid price for at least 10 consecutive business days, which they achieved between January 27 and February 7, 2025.

What happens to GITS stock now that it has regained Nasdaq compliance?

GITS stock will continue to be listed and traded on the Nasdaq exchange, maintaining its position on a major market.