UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(
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 | ||
| The |
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 November 9, 2022, Karat Packaging Inc., issued a press release announcing that its Board of Directors has declared a cash dividend of $0.35 per share. The dividend is payable on or around November 30, 2022 to shareholders of record at the close of business on November 21, 2022.
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 No. | Description | |
| 99.1 | Press Release, dated November 9, 2022 | |
| 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.
| KARAT PACKAGING INC. | ||
| Date: November 9, 2022 | By: | /s/ Jian Guo |
| Jian Guo | ||
| Chief Financial Officer | ||
2
Exhibit 99.1

Karat Packaging Declares Special Dividend of $0.35 Per Share
CHINO, Calif, November 9, 2022 – Karat Packaging Inc. (Nasdaq: KRT) (the “Company” or “Karat”), a specialty distributor and manufacturer of environmentally friendly, disposable foodservice products and related items, today announced that the Board of Directors has declared a special dividend of $0.35 per share on the Company’s common stock. The special dividend is payable on or around November 30, 2022 to shareholders of record at the close of business on November 21, 2022.
Alan Yu, Chairman and Chief Executive Officer, said, “The special dividend reflects our Board’s confidence in Karat’s business over the long-term and the Company’s positive cash flow performance. Our solid growth has allowed us to build a strong financial and liquidity position, giving us the flexibility to return excess capital to our shareholders and demonstrating our dedication to value creation.”
About Karat Packaging Inc.
Karat Packaging Inc. is a specialty distributor and manufacturer of a wide range of environmentally friendly, 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.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings made with the Securities and Exchange Commission (SEC) (File No. 001-40336). Copies are available on the SEC’s website at www.sec.gov. Karat undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
# # #
Investor Relations and Media Contacts:
PondelWilkinson Inc.
Judy Lin Sfetcu or Roger Pondel
310-279-5980
IR@karatpackaging.com
1"5/W&**2.BLX12>.O4
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MM"M]+M
Cover |
Nov. 09, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Nov. 09, 2022 |
| 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, $0.001 par value per share |
| Trading Symbol | KRT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
DMX%Q[X6Q#P4_0$\3[3="\C.%"HJ%'#VJI/>Z3M
M2-U%'!NSQE%UN?X
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M#]]9X6LD,A_"MW%/-T:%5>>B O;")>U)T6ZZ2#=;Q/N!4
MAJE