GlobalTech Corporation (GLTK) said investors should no longer rely on its 2025 annual, first-quarter 2026, and six-month 2026 financial statements, which it plans to amend and restate.
The error involved accounting for deferred tax assets and requires an additional valuation allowance of approximately $8.40 million as of December 31, 2025. Preliminary estimates show 2025 loss after tax increasing from $3.15 million to $11.55 million and basic and diluted loss per share changing from $(0.01) to $(0.04). Total assets are expected to decrease from $103.15 million to $100.50 million, and shareholders’ equity from $39.83 million to $31.43 million. Based on its review to date, the company said the error did not affect cash, cash flows, revenues, or liquidity. Management also identified additional material weaknesses and concluded disclosure controls were ineffective as of December 31, 2025.
Globaltech Corporation (GLTKD) is advancing preparations for a planned uplisting of its common stock to the Nasdaq Capital Market, though its application remains under review and the company states it does not currently meet Nasdaq’s initial listing requirements. Management believes a Nasdaq listing could broaden the shareholder base, increase visibility with institutional and retail investors, and over time improve trading liquidity and expand financing options to support commercialization of its AI, data and software platforms.
As part of these preparations, Globaltech completed a 1-for-3 reverse stock split effective August 27, 2026, intended to help satisfy Nasdaq’s minimum share-price requirements, and its shares are trading temporarily under the symbol GLTKD for 20 trading days through September 24, 2026, with an expected reversion to GLTK on September 25, 2026. The board has approved formation of Audit, Compensation, and Nominating and Corporate Governance committees to strengthen oversight, disclosure and internal controls. Completion and timing of any Nasdaq uplisting remain uncertain and subject to Nasdaq approval, satisfaction of all listing standards, market conditions and other customary conditions.