HRYU Hanryu Holdings Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): February 5, 2025

 

GLOBAL INTERACTIVE TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-41763		88-1368281
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

160, Yeouiseo-ro, Yeongdeungpo-gu Seoul, Republic of Korea		07231
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: +82-2564-8588

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		GITS		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On February 5, 2025, Global Interactive Technologies, Inc., a Delaware corporation (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”).

 

On February 10, 2025, the Company issued a press release announcing its receipt of the Determination Letter. The press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 8.01. Other Events.

 

On February 10, 2025, the Company received a notification letter (the “Nasdaq Notice”) from the Staff notifying that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on Nasdaq.

 

On February 10, 2025, the Company issued a press release announcing the receipt of the Nasdaq Notice. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release, dated February 10, 2025 entitled “Global Interactive Technologies, Inc. Announces its Receipt of Determination Letter from Nasdaq.”
99.2		Press Release, dated February 10, 2025 entitled “Global Interactive Technologies, Inc. Regains Compliance with Nasdaq’s Minimum Bid Price Requirement.”
104		Cover Page Interactive Data File (Embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	Global Interactive Technologies, Inc.
Date: February 10, 2025	By:	/s/ Taehoon Kim
	Name:	Taehoon Kim
	Title:	Chief Executive Officer

 

 

 

2

 

Exhibit 99.1

 

Global Interactive Technologies, Inc. Announces its Receipt of Determination Letter from Nasdaq

 

SEOUL, KR / 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 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.

 

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.

Exhibit 99.2

 

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

 

SEOUL, KR / 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.

 

 

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Cover	Feb. 05, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 05, 2025
Entity File Number	001-41763
Entity Registrant Name	GLOBAL INTERACTIVE TECHNOLOGIES, INC.
Entity Central Index Key	0001911545
Entity Tax Identification Number	88-1368281
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	160, Yeouiseo-ro
Entity Address, Address Line Two	Yeongdeungpo-gu
Entity Address, City or Town	Seoul
Entity Address, Country	KR
Entity Address, Postal Zip Code	07231
City Area Code	82-2
Local Phone Number	564-8588
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GITS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

---