Form 8-K - Current report

 

 

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): August 6, 2024

 

Karat Packaging Inc.

(Exact name of registrant as specified in its charter)

 

Delaware		001-40336		83-2237832
(State or other jurisdiction of incorporation		(Commission File Number		(IRS Employer Identification No.)

 

6185 Kimball Avenue, Chino, CA 91708

(Address of principal executive offices) (Zip Code)

 

[phone]

Registrant’s telephone number, including area code:

 

N/A

(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, $0.001 par value per share		KRT		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in 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 checkmark 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 8.01 Other Events.

 

On August 6, 2024, the Board of Directors (the “Board”) of Karat Packaging Inc. (the “Company”) declared a special cash dividend of $0.15 per share (the “Special Dividend”) and a quarterly cash dividend of $0.35 per share (the “Quarterly Dividend”) on the Company’s common stock, both of which will be paid on or around August 30, 2024 to shareholders of record at the close of business on August 21, 2024.

 

On August 7, 2024, the Company issued a press release announcing that the Board has declared the Special Dividend and Quarterly Dividend.

 

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number		Description
99.1		Press Release, dated August 7, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

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: August 7, 2024	KARAT PACKAGING INC.
	By:	/s/ Jian Guo
		Jian Guo
		Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

 

Karat Packaging Board Declares Special Cash Dividend

and Regular Quarterly Cash Dividend

 

CHINO, Calif, August 7, 2024 – Karat Packaging Inc. (Nasdaq: KRT) (the “Company” or “Karat”), a specialty distributor and manufacturer of disposable foodservice products and related items, today announced that its board of directors has approved payment of a regular quarterly cash dividend of $0.35 per share. The board also declared a special cash dividend of $0.15 per share on the Company’s common stock.

 

Both dividends are payable on or about August 30, 2024, to shareholders of record at the close of business on August 21, 2024.

 

“These distributions reflect Karat’s strong cash position and positive long-term outlook,” said Alan Yu, chief executive officer. “Our board remains committed to providing returns to our shareholders and to continually assess opportunities to enhance shareholder value.”

 

About Karat Packaging Inc.

Karat Packaging Inc. is a specialty distributor and manufacturer of a wide range of disposable foodservice products and related items, primarily used by national and regional restaurants and in foodservice settings throughout the United States. Its products include food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves and other products. The company’s eco-friendly Karat Earth® line offers quality, sustainably focused products that are made from renewable resources. Karat Packaging also offers customized solutions, including new product development and design, printing, and logistics services. To learn more about Karat Packaging, please visit the company’s website at www.karatpackaging.com.

 

# # #

 

Investor Relations and Media Contacts:

PondelWilkinson Inc.

Judy Lin or Roger Pondel

310-279-5980

[e-mail]

 

Cover	Aug. 06, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 06, 2024
Entity File Number	001-40336
Entity Registrant Name	Karat Packaging Inc.
Entity Central Index Key	0001758021
Entity Tax Identification Number	83-2237832
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6185 Kimball Avenue
Entity Address, City or Town	Chino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91708
City Area Code	626
Local Phone Number	965-8882
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	KRT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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