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Global Interactive Technologies, Inc. (NASDAQ:GITS) has filed an administrative appeal in South Korea contesting a regulatory fine related to securities law violations. According to a press release statement based on a recent SEC filing, the company—formerly known as Hanryu Holdings , Inc.—was fined KRW 142.1 million (approximately $104,750) by the Securities and Futures Commission (SFC) under the Financial Services Commission of the Republic of Korea.
The fine was imposed for failing to submit a securities registration statement in connection with a public offering. Under Korean law, a public offering is considered to occur when securities are solicited from 50 or more investors. If the total offering amount in the previous 12 months exceeds KRW 1 billion (about $737,250), a registration statement is required.
Between April 20, 2023 and July 31, 2023, Hanryu Holdings raised approximately KRW 5.92 billion (around $4,364,250) through the issuance of 462,847 common shares to 124 Korean investors without submitting the necessary registration statement.
The company initially filed a formal objection to the sanction with the SFC on January 2, 2025. The SFC dismissed this objection on March 27, 2025. On Tuesday, Global Interactive Technologies filed an administrative appeal, stating its belief that the sanction is without merit and that it has adequate defenses.
As of now, the company has not paid the fine, as the matter remains under appeal. The SFC has not imposed any sanctions or restrictions on current management or directors. Global Interactive Technologies is evaluating the impact of the regulatory action.
This information is based on a press release statement and details disclosed in a filing with the Securities and Exchange Commission.
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