Filing Overview
Hanryu Holdings, Inc. filed a Current Report on Form 8-K dated May 24, 2024. The filing concerns Nasdaq listing compliance, not operating or financial results. The request metadata identifies Global Interactive Technologies, Inc.; however, the filing names Hanryu Holdings, Inc. as the registrant.
Hanryu’s common stock trades on the Nasdaq Capital Market under the symbol HRYU. The company is incorporated in Delaware and identifies itself as an emerging growth company.
Material Event and Listing Status
- On May 21, 2024, Nasdaq notified the company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1).
- The deficiency resulted from the company’s failure to timely file its Form 10-Q for the quarter ended March 31, 2024, while its Form 10-K for the year ended December 31, 2023 also remained delinquent.
- Nasdaq gave the company until June 17, 2024, to submit a plan to regain compliance.
- The company stated that it intends to submit the compliance plan by June 17, 2024.
- 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 through October 14, 2024.
- If Nasdaq rejects the plan, the company may appeal the decision to a Nasdaq Hearings Panel.
Financial Metrics and Reporting
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, balance sheet data, or other operating metrics. It confirms that the company’s 2023 Form 10-K and first-quarter 2024 Form 10-Q were delinquent as of the filing date.
Outlook, Risks, and Unusual Items
The principal risk disclosed is potential adverse action by Nasdaq arising from the company’s failure to file required periodic reports on time. Continued delinquency could result in additional compliance proceedings, an appeal process, or potential delisting. The filing does not provide earnings guidance or a broader operating outlook.
The company issued a May 24, 2024 press release regarding the Nasdaq notice, furnished as Exhibit 99.1. No financial statements were included in the filing.
Investor Verification Items
- Confirm whether the company submitted its compliance plan to Nasdaq by June 17, 2024.
- Verify whether Nasdaq accepted the plan and whether an extension was granted.
- Monitor the filing of the delinquent 2023 Form 10-K and March 31, 2024 Form 10-Q.
- Review subsequent Nasdaq notices for any delisting determination, hearing, or additional deadlines.
- Reconcile the registrant’s name with the metadata, which identifies Global Interactive Technologies, Inc., while the filing identifies Hanryu Holdings, Inc.