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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 24, 2024
HANRYU HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41763 |
|
88-1368281 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
160, Yeouiseo-ro, Yeongdeungpo-gu, Seoul, Republic of Korea 07231
(Address of principal executive offices) (Zip
Code)
Registrant’s telephone number, including
area code: +82-2564-8588
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common stock, par value $0.001 per share |
|
HRYU |
|
NASDAQ (Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On May 21, 2024, Hanryu Holdings, Inc. (the “Company”)
received a delinquency compliance alert notice (the “Notice”) from the Listing Qualifications Department of
The Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that due to the Company’s failure to timely
file its Quarterly Report on Form 10-Q for the period ended March 31, 2024 and because the Company remains delinquent in filing its Form
10-K for the year ended December 31, 2023 with the Securities and Exchange Commission (the “SEC”), the Company
is not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1), which requires the timely
filing of all required periodic reports with the SEC.
Nasdaq provided the Company until June 17, 2024,
to submit a plan to regain compliance with the Rule (the “Plan”). The Company intends to submit its plan of
compliance to Nasdaq by June 17, 2024. If Nasdaq accepts the Plan, the Company may be granted an extension of up to 180 calendar days
from the due date of the Form 10-K, or until October 14, 2024, to regain compliance with the Rule. In the event the Plan is not accepted
by Nasdaq, the Company may appeal that decision to a Hearings Panel.
On May 24, 2024, the Company issued a press release announcing the
Company’s receipt of the Notice. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
HANRYU HOLDINGS, Inc. |
|
|
May 24, 2024 |
By: |
/s/ Changhyuk Kang |
|
Name: |
Changhyuk Kang |
|
Title: |
CEO |
2
Exhibit 99.1
Hanryu Holdings, Inc. Announces Receipt of a
Delinquency Compliance Alert Notice from Nasdaq
Seoul, Republic of South Korea, May 24, 2024 (GLOBE NEWSWIRE) --
Hanryu Holdings, Inc. (NASDAQ: HRYU) (“Hanryu” or the “Company”), a media-tech company and creator of FANTOO,
an all-in-one social media experience connecting k-culture fans globally, today announced that on May 21, 2024, it received a delinquency
compliance alert notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising the
Company that due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024 and
because the Company remains delinquent in filing its Form 10-K for the year ended December 31, 2023 with the Securities and Exchange Commission
(the “SEC”), the Company is not in compliance with Nasdaq’s continued listing requirements under Nasdaq
Listing Rule 5250(c)(1), which requires the timely filing of all required periodic reports with the SEC.
Nasdaq provided the Company until June 17, 2024,
to submit a plan to regain compliance with the Rule (the “Plan”). The Company intends to submit its plan of
compliance to Nasdaq by June 17, 2024. If Nasdaq accepts the Plan, the Company may be granted an extension of up to 180 calendar days
from the due date of the Form 10-K, or until October 14, 2024, to regain compliance with the Rule. In the event the Plan is not accepted
by Nasdaq, the Company may appeal that decision to a Hearings Panel.
About Hanryu Holdings, Inc.
Hanryu Holdings, Inc., is the creator of the
engaging and innovative social media platform, “FANTOO”. FANTOO connects users around the world that share similar interests
by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we provide a global multi-media
platform for our users to interact with other like-minded users, to share their appreciation of various types of entertainment and cultures,
create their own content, enjoy other users’ content, engage in commerce, and experience a “fandom” community we believe is
unlike any other. For more information, please visit www.hanryuholdings.com.
Forward-Looking Statements
This announcement contains forward-looking statements as defined under
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, formulated in accordance with the ’safe
harbor’ provisions of the Private Securities Litigation Reform Act of 1995. These statements, reflecting the Company’s projections about
its future financial and operational performance, employ terms like ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’
‘intends,’ ‘potential,’ ‘target,’ ‘aim,’ ‘predict,’ ‘outlook,’ ’seek,’ ‘goal,’ ‘objective,’ ‘assume,’ ‘contemplate,’ ‘continue,’ ‘positioned,’
‘forecast,’ ‘likely,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ’should,’ ‘approximately,’ and similar expressions to convey the uncertainty of
future events or outcomes. These forward-looking statements are based on the Company’s current expectations, assumptions, and projections,
involving judgments about future economic conditions, competitive landscapes, market dynamics, and business decisions, many of which are
inherently challenging to predict accurately and are largely beyond the Company’s control. Additionally, these statements are subject
to a multitude of known and unknown risks, uncertainties, and other variables that could significantly diverge the Company’s actual results
from those depicted in any forward-looking statement. These factors include, but are not limited to, varying economic conditions, competitive
pressures, and regulatory changes. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed
on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may
be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Company Contact:
Hanryu Holdings, Inc.
Taehoon Kim
contact@hanryuholdings.com
Investor Contact:
Hanryu Holdings, Inc.
Taehoon Kim
kth@hanryubank.com
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