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Hanryu Holdings, Inc. Announces Receipt of a Delinquency Compliance Alert Notice from Nasdaq

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Hanryu Holdings, Inc. received a delinquency compliance alert notice from Nasdaq due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance with Nasdaq's listing requirements. If accepted, they may have an additional 180 days to file the report.
Hanryu Holdings, Inc. ha ricevuto un avviso di inadempienza da Nasdaq a causa del ritardo nella presentazione del suo Rapporto Annuale sul Form 10-K per l'anno fiscale concluso il 31 dicembre 2023. L'azienda ha 60 giorni per presentare un piano per rientrare in conformità con i requisiti di quotazione di Nasdaq. Se accettato, potrebbero avere altri 180 giorni per presentare il rapporto.
Hanryu Holdings, Inc. ha recibido una notificación de incumplimiento de Nasdaq debido a la presentación tardía de su Informe Anual en el Formulario 10-K para el año fiscal que terminó el 31 de diciembre de 2023. La compañía tiene 60 días para presentar un plan para recuperar el cumplimiento con los requisitos de cotización de Nasdaq. Si se acepta, podrán tener 180 días adicionales para entregar el informe.
한류 홀딩스 주식회사는 2023년 12월 31일에 종료된 회계 연도에 대한 연차 보고서(Form 10-K)의 늦은 제출로 인해 나스닥으로부터 이행 미달 경고 통지를 받았습니다. 회사는 나스닥의 상장 요건을 다시 충족하기 위한 계획을 제출할 60일이 있습니다. 승인된다면, 보고서 제출까지 추가 180일을 가질 수 있습니다.
Hanryu Holdings, Inc. a reçu un avis de non-conformité de la part du Nasdaq pour le dépôt tardif de son Rapport Annuel sur le Form 10-K pour l'exercice clos le 31 décembre 2023. L'entreprise dispose de 60 jours pour soumettre un plan visant à retrouver la conformité avec les exigences de cotation du Nasdaq. Si accepté, ils pourraient avoir 180 jours supplémentaires pour déposer le rapport.
Hanryu Holdings, Inc. hat von der Nasdaq eine Mängelrüge aufgrund der verspäteten Einreichung ihres Jahresberichts auf Formular 10-K für das am 31. Dezember 2023 abgeschlossene Geschäftsjahr erhalten. Das Unternehmen hat 60 Tage Zeit, einen Plan zur Wiederherstellung der Konformität mit den Nasdaq-Listinganforderungen vorzulegen. Bei Akzeptanz haben sie zusätzlich 180 Tage Zeit, um den Bericht einzureichen.
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Seoul, Republic of South Korea, April 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 April 18, 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 Annual Report on Form 10-K for the fiscal 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) (the “Rule”), which requires the timely filing of all required periodic reports with the SEC.

Nasdaq provided the Company 60 days 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 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


FAQ

Why did Hanryu Holdings, Inc. receive a delinquency compliance alert notice from Nasdaq?

Hanryu Holdings, Inc. received a delinquency compliance alert notice from Nasdaq due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

What is the deadline for Hanryu Holdings, Inc. to submit a plan to regain compliance with Nasdaq's listing requirements?

Hanryu Holdings, Inc. has 60 days from the receipt of the delinquency compliance alert notice to submit a plan to regain compliance with Nasdaq's listing requirements.

When is the deadline for Hanryu Holdings, Inc. to submit its plan of compliance to Nasdaq?

Hanryu Holdings, Inc. intends to submit its plan of compliance to Nasdaq by June 17, 2024.

How long does Hanryu Holdings, Inc. have to regain compliance with the Nasdaq Listing Rule if their plan is accepted?

If Nasdaq accepts the Plan, the Company may be granted an extension of 180 calendar days from the due date of the Form 10-K, or until October 14, 2024, to regain compliance with the Rule.

Hanryu Holdings, Inc.

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