Attached files
file | filename |
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EX-99.2 - EXHIBIT 99.2 - Karat Packaging Inc. | tm2113470d1_ex99-2.htm |
EX-99.1 - EXHIBIT 99.1 - Karat Packaging Inc. | tm2113470d1_ex99-1.htm |
EX-10.4 - EXHIBIT 10.4 - Karat Packaging Inc. | tm2113470d1_ex10-4.htm |
EX-10.3 - EXHIBIT 10.3 - Karat Packaging Inc. | tm2113470d1_ex10-3.htm |
EX-10.2 - EXHIBIT 10.2 - Karat Packaging Inc. | tm2113470d1_ex10-2.htm |
EX-10.1 - EXHIBIT 10.1 - Karat Packaging Inc. | tm2113470d1_ex10-1.htm |
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): April 14, 2021
Karat Packaging Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
001-40336 | 83-2237832 | |
(Commission File Number) |
(I.R.S. Employer Identification No.) | |
6185 Kimball Avenue Chino, California |
91708 | |
(Address of Principal Executive Offices) | (Zip Code) |
(626) 965-8882
(Registrant’s Telephone Number, Including Area Code)
(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 |
Name of each exchange on which registered | ||
Common stock, par value $0.001 per share | KRT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company x
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 1.01. Entry into a Material Definitive Agreement
In connection with the initial public offering (“IPO”) by Karat Packaging Inc. (the “Company”) of its common stock, par value $0.001 par value (the "Common Stock"), as described in the Registration Statement on Form S-1 (File No. 333-253270), as amended (the “Registration Statement”), the Company entered into the following agreements:
· | Employment Agreement dated April 19, 2021 by and between the Company and Alan Yu, as Chief Executive Officer; |
· | Employment Agreement dated April 19, 2021 by and between the Company and Marvin Cheng, as Vice President – Manufacturing and Secretary; |
· | Employment Agreement dated April 19, 2021 by and between the Company and Joanne Wang, as Chief Operating Officer; |
· | Amended and Restated Employment Agreement dated April 19, 2021 by and between the Company and Ann Sabahat, as Chief Financial Officer; and |
· | Indemnification Agreements dated April 12, 2020 by and between the Company and each of the Company's executive officers and directors. |
A description of the employment agreements is set forth in the section titled “Executive and Director Compensation – Employment Arrangements with Our Named Executive Officers” in the final prospectus, dated April 14, 2021, relating to the Registration Statement filed with the Securities and Exchange Commission on April 16, 2021 (the “Final Prospectus”). Also, a description of the indemnification agreement is set forth in the section titled “Limitation of Liability and Indemnification Matters” in the Final Prospectus
The foregoing description of the employment agreements and indemnification agreements is qualified in its entirety by reference to the employments agreements filed as Exhibits 10.1 – 10.4 and the form of indemnification agreement filed as Exhibit 10.5 to this report and each of which is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosure included in Item 1.01 above is incorporated herein by reference.
Item 8.01. Other Events.
On April 14, 2021, the Company issued a press release announcing the pricing of its IPO. The press release is attached as Exhibit 991. to this report and is incorporated herein by reference.
On April 19, 2021, the Company completed its IPO of 3,950,000 shares of Common Stock a price to the public of $16.00 per share. The gross proceeds to the Company from the IPO were $63,2000,000, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
On April 19, 2021, the Company issued a press release announcing the closing of its IPO. The press release is attached as Exhibit 99.2 to this report and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description |
10.1+ | Employment Agreement dated April 19, 2021 by and between the Company and Alan Yu |
10.2+ | Employment Agreement dated April 19, 2021 by and between the Company and Marvin Cheng |
10.3+ | Employment Agreement dated April 19, 2021 by and between the Company and Joanne Wang |
10.4+ | Amended and Restated Employment Agreement dated April 19, 2021 by and between the Company and Ann Sabahat |
10.5* | Form of Indemnification Agreement |
99.1 | Press Release of Karat Packaging Inc,. dated April 14, 2021 |
99.2 | Press Release of Karat Packaging Inc., dated April 19, 2021 |
* |
Incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form S-1, as amended, filed on April 6, 2021 |
+ | Indicates management compensatory agreement |
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SIGNATURES
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.
KARAT PACKAGING INC. | |||
Date: April 20, 2021 | By: | /s/ Ann T. Sabahat | |
Ann T. Sabahat | |||
Chief Financial Officer |
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