IPO - Hanryu Holdings, Inc.

Form Type: 8-K

Filing Date: 2025-07-02

Corporate Action: Ipo

Type: Update

Accession Number: 000121390025060743

Filing Summary: On July 2, 2025, Global Interactive Technologies, Inc. provided an update regarding its initial public offering (IPO) and recent management changes. The company closed its IPO on August 3, 2023, raising approximately $8.8 million, with over $6 million from Korean investors and approximately $2 million from U.S. investors. The company identified signs of financial mismanagement by prior executives associated with its largest shareholder, leading to operational and financial risks. Consequently, the prior CEO was removed in February 2024, and Taehoon Kim was appointed as interim CEO, replacing the COO and CMO as well as the legal counsel. The company sold 100% of its ownership in Hanryu Bank Co., Ltd. on December 28, 2024. Furthermore, the firm corrected previous erroneous disclosures regarding Jaemen Lee, who was mistakenly identified as President, highlighting that he never held any official position nor was he a director. The company's shares experienced unusual trading activity on May 30, 2025, prompting inquiries from U.S. securities regulators.