Global Interactive Technologies Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Item 8.01 Other Events.
On November 6, 2024, the Securities and Futures Commission (“SFC”) under the Financial Services Commission of the Republic of Korea imposed an administrative fine of KRW 142.1 million (or approximately $104,750) against Hanryu Holdings, Inc. (“Hanryu Holdings”), now known as Global Interactive Technologies, Inc. (the “Company”), for violations of Korean securities regulations.
The fine was issued pursuant to Article 119(1) and Article 429(1)(2) of the Capital Market and Financial Investment Business Act and Article 25 of the Regulations on Capital Market Investigations, in connection with a failure to submit a securities registration statement.
Under Korean law, a public offering is deemed to occur when securities are solicited from 50 or more investors.
If the total offering amount over the preceding 12 months exceeds KRW 1 billion (or approximately $737,250) and a securities registration statement has not been submitted, then further public offerings by the issuer in Korea are prohibited under Korean law unless such report is duly filed and accepted by the Financial Services Commission.
Between April 20, 2023 and July 31, 2023, Hanryu Holdings raised approximately KRW 5.92 billion (or approximately $4,364,250) through the issuance of 462,847 common shares to 124 Korean investors without submitting a securities registration statement.
On January 2, 2025, the Company filed with the SFC a formal objection to the regulatory sanction. On March 27, 2025, the SFC dismissed the objection. In accordance with Korean administrative law, the Company retains the right to seek further redress by filing an appeal. On June 24, 2025, the Company filed an administrative appeal challenging the sanction as the Company believes that the sanction is without merit and has adequate defenses.
To date, the Company has not paid the administrative fine because the fine is the subject of the appeal.
The SFC has not imposed any sanctions or restrictions on any member of current management or on any currently serving directors.
The Company is evaluating the impact of the regulatory action.
Item 9.01 Financial Statements and Exhibits.
(a) Exhibits.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data (embedded within the Inline XBRL document). |
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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. | |||
| Dated: June 25, 2025 | By: | /s/ Taehoon Kim | |
| Name: | Taehoon Kim | ||
| Title: | Chief Executive Officer | ||
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