Karat Packaging CFO Resigns, Interim Appointed
Ticker: KRT · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1758021
| Field | Detail |
|---|---|
| Company | Karat Packaging Inc. (KRT) |
| Form Type | 8-K |
| Filed Date | Oct 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo
TL;DR
Karat Packaging's CFO Michael Tu is out, Steven Liu steps in as interim CFO.
AI Summary
On October 18, 2024, Karat Packaging Inc. announced the resignation of its Chief Financial Officer, Michael Tu. The company has appointed Steven Liu as interim CFO, effective immediately. Liu previously served as the company's Senior Vice President of Finance.
Why It Matters
A change in CFO can impact investor confidence and financial strategy. The market will watch to see if the interim CFO can maintain financial stability and guide the company effectively.
Risk Assessment
Risk Level: medium — CFO changes can signal underlying issues or instability within a company's financial leadership.
Key Players & Entities
- Karat Packaging Inc. (company) — Registrant
- Michael Tu (person) — Resigning Chief Financial Officer
- Steven Liu (person) — Interim Chief Financial Officer
- October 18, 2024 (date) — Effective date of CFO change
FAQ
Who has been appointed as the interim Chief Financial Officer of Karat Packaging Inc.?
Steven Liu has been appointed as the interim Chief Financial Officer of Karat Packaging Inc.
What was Steven Liu's previous role at Karat Packaging Inc.?
Steven Liu previously served as the Senior Vice President of Finance for Karat Packaging Inc.
Who is the departing Chief Financial Officer of Karat Packaging Inc.?
Michael Tu is the departing Chief Financial Officer of Karat Packaging Inc.
What is the effective date of the CFO change at Karat Packaging Inc.?
The change in Chief Financial Officer is effective October 18, 2024.
What is the principal executive office address for Karat Packaging Inc.?
The principal executive offices are located at 6185 Kimball Avenue, Chino, CA 91708.
Filing Stats: 648 words · 3 min read · ~2 pages · Grade level 12.5 · Accepted 2024-10-23 16:16:35
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share KRT The Nasdaq
Filing Documents
- ea0218366-8k_karat.htm (8-K) — 23KB
- 0001213900-24-089965.txt ( ) — 192KB
- krt-20241018.xsd (EX-101.SCH) — 3KB
- krt-20241018_lab.xml (EX-101.LAB) — 33KB
- krt-20241018_pre.xml (EX-101.PRE) — 22KB
- ea0218366-8k_karat_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On October 18, 2024, Karat Packaging Inc. (the "Company") discovered unauthorized third-party access to its information systems. Upon detecting the incident, the Company activated its cybersecurity response plan to investigate the scope of the incident and to contain the threat. The Company has also notified federal law enforcement. The Company's investigation of the incident remains ongoing. Based on the Company's current knowledge of the facts and circumstances related to this incident, the Company believes that this incident is not material, and this incident has not disrupted the Company's business operations. Should any of the relevant facts and circumstances substantively change, the Company will reassess materiality considerations in accordance with Item 1.05 of Form 8-K. Caution Concerning Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, including statements regarding our understanding of the event and its potential impacts. Several factors could cause outcomes to differ materially from our statements, including, but not limited to, the discovery of new information regarding the event and other risks and uncertainties included in our filings with the Securities and Exchange, particularly the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K and any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q. Accordingly, you should not rely on these forward-looking statements. All forward-looking statements are based on information currently available to us. Karat undertakes no obligation to update these statements for revisions or changes after the date of this Current Report on Form 8-K,
SIGNATURES
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. Date: October 23, 2024 KARAT PACKAGING INC. By: /s/ Jian Guo Jian Guo Chief Financial Officer 2