Global Interactive Technologies Inc. announced a significant financial maneuver involving the conversion of debt into equity. The company executed a formal Notice of Conversion, allowing the transformation of $172,666 in principal from two promissory notes into 246,666 shares of common stock at a conversion price of $0.70 per share. This strategic move, aimed at enhancing financial flexibility, involves loans initially extended by PixelArc, LLC, a company in which Amy Xianglin Shi, a director of Global Interactive, holds an interest. The conversion was approved by the Board of Directors and is designed to support the company's financial health without constituting equity compensation for Ms. Shi. The stock issuance resulting from this conversion is pending completion.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.