Form 8-K Summary
Registrant: Hanryu Holdings, Inc. The request metadata identifies Global Interactive Technologies, Inc., but the filing names Hanryu Holdings, Inc. as the registrant.
Reporting date: April 18, 2024, with the report filed April 24, 2024. The filing concerns the fiscal year ended December 31, 2023.
Business Context and Event
Hanryu Holdings received a delinquency compliance alert from Nasdaq because it did not timely file its Form 10-K for the year ended December 31, 2023. The filing relates to compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely submission of periodic reports to the SEC.
Financial and Operating Metrics
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial statement metrics.
- The delinquent Form 10-K had not been filed as of the date of the notice.
Material Changes and Listing Status
- Nasdaq gave the company until June 17, 2024, to submit a compliance plan.
- If Nasdaq accepts the plan, the company may receive an extension of up to 180 calendar days from the Form 10-K due date, potentially until October 14, 2024, to regain compliance.
- If Nasdaq rejects the plan, the company may appeal the decision to a Nasdaq Hearings Panel.
- The company stated that it intends to submit its compliance plan by June 17, 2024.
Outlook, Risks, and Unusual Items
The principal risk is potential Nasdaq delisting or other adverse listing action if the company does not restore timely SEC reporting compliance. The filing does not state whether Nasdaq has accepted any plan or provide assurance that the Form 10-K will be filed by a specified date.
The company issued a press release on April 24, 2024, furnished as Exhibit 99.1. TaeHoon Kim signed the filing as Interim CEO.
Investor Verification Items
- Verify the actual filing status and contents of the Form 10-K for the year ended December 31, 2023.
- Confirm whether Nasdaq accepted the company’s compliance plan by June 17, 2024.
- Confirm whether any extension was granted and the applicable deadline for regaining compliance.
- Monitor for a Nasdaq Hearings Panel appeal, delisting determination, or other listing-status update.
- Review the April 24, 2024 press release furnished as Exhibit 99.1.
- Reconcile the apparent discrepancy between the requested company name and the registrant named in the filing.