Hang Muk Shin Increases Stake in Global Interactive Technologies to 11.89% via Debt Conversion

Hang Muk Shin filed a Schedule 13D/A reporting an increased beneficial ownership in Global Interactive Technologies, Inc. (GITS) to 436,915 shares, or 11.89% of the company. This increase stems from a May 7, 2025, debt conversion agreement where $105,444 in indebtedness was converted into 90,123 common shares and warrants for 81,739 additional shares at $1.29 each. The filing also accounts for a 20-for-1 reverse stock split effective January 27, 2025. The reporting person expressed significant concerns regarding the issuer's governance, specifically citing delinquent Form 10-K filings and potential non-compliance with Nasdaq listing rules. Furthermore, Shin raised alarms over related-party transactions conducted at preferential terms compared to other investors, suggesting these may not have been arm's-length. In response, the filer submitted a demand for documents under Section 220 of the Delaware General Corporation Law. Shin intends to monitor the investment closely and may seek changes to the Board of Directors or management to protect shareholder interests.