GlobalTech Corporation has entered into a definitive agreement to acquire a 51% stake in 123 Investments Limited, which operates under the Moda in Pelle (MIP) brand, a premium UK footwear company established in 1975. The transaction involves the issuance of GlobalTech common stock and Convertible Series A Preferred Stock. The preferred shares will convert into common stock upon uplisting to the NASDAQ Capital Market or if other specific conditions are met, and they do not accrue dividends. The acquisition is expected to enhance GlobalTech's technology capabilities, expand its e-commerce operations through the deployment of Thrivo AI within the MIP ecosystem, and strengthen its presence in the UK market. MIP reported net revenues of approximately $37 million in its most recent fiscal year. The transaction is anticipated to close within 30 days, pending customary closing conditions, according to GlobalTech Corporation.