As filed with the Securities and Exchange Commission on August 14, 2023

Registration No. 333-272817

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

____________________

AMENDMENT NO. 2

TO

FORM S-1

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

____________________

Unifoil Holdings, Inc.

(Exact name of registrant as specified in its charter)

____________________

New Jersey	2670	22-2339463
(State or other jurisdiction of incorporation or organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification Number)

12 Daniel Road East
Fairfield, New Jersey 07004
(973) 244-9900

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

____________________

Joseph Funicelli

Chairman, Chief Executive Officer and President

Unifoil Holdings, Inc.

12 Daniel Road East

Fairfield, New Jersey 07004

Tel.: (973) 244-9900

(Name, address, including zip code, and telephone number, including area code, of agent for service)

_____________________________

With copies to:

Andrea Cataneo, Esq.
Mitchell Silberberg & Knupp LLP
437 Madison Ave., 25th Floor
New York, New York 10022
Tel.: (212) 509-7239 Spencer G. Feldman, Esq.
Olshan Frome Wolosky LLP
1325 Avenue of the Americas, 15th Floor
New York, New York 10019
Tel.: (212) 451-2300

_____________________________

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement is declared effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

EXPLANATORY NOTE

This Registration Statement contains two prospectuses, as set forth below.

•Public Offering Prospectus. A prospectus to be used for the initial public offering of 3,000,000(1) shares of common stock of the registrant (the “Public Offering Prospectus”), with such shares being sold in an underwritten offering through the underwriters named on the cover page of the Public Offering Prospectus.

•Resale Prospectus. A prospectus to be used for the resale by the selling shareholders set forth therein of 215,154shares of common stock, consisting of (i) 181,820shares issuable upon conversion of convertible notes (the “Convertible Notes”), and which Convertible Notes automatically convert into common stock upon the effectiveness of this Registration Statement as set forth in the resale prospectus set forth herein (the “Resale Prospectus”) and (ii) 33,334shares issued to the Company’s legal counsel, which shares were issued as partial consideration for legal services provided to us in connection with this offering.

The Resale Prospectus is substantially identical to the Public Offering Prospectus, except for the following principal points:

•they contain different outside and inside front cover and back cover pages;

•they contain different Offering sections in the Prospectus Summary section beginning on page Alt-1;

•they contain different Use of Proceeds sections on page Alt-2;

•a Selling Shareholders section is included in the Resale Prospectus;

•a Selling Shareholders Plan of Distribution is included in the Resale Prospectus in lieu of the “Underwriting” section in the Public Offering Prospectus; and

•the Legal Matters section in the Resale Prospectus on page Alt-6 deletes the reference to counsel for the underwriters.

The registrant has included in this Registration Statement a set of alternate pages after the back cover page of the Public Offering Prospectus (the “Alternate Pages”) to reflect the foregoing differences in the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages and will be used for the initial public offering by the registrant. The Resale Prospectus will be substantially identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the selling shareholders. Consummation of the offering made by the Resale Prospectus is conditioned on consummation of the initial public offering of shares of common stock by the registrant pursuant to the Public Offering Prospectus.

____________

(1)Assumes the underwriters’ over-allotment option has not been exercised.

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Preliminary Prospectus Subject to Completion, dated August14, 2023

3,000,000 Shares of Common Stock

Unifoil Holdings, Inc.

This is the initial public offering of common stock of Unifoil Holdings, Inc. We are offering 3,000,000shares of our common stock. We currently expect the initial public offering price will be between $4.00 and $6.00 per share.

Prior to this offering, no public market has existed for our common stock. We have applied to list our shares of common stock for trading on the NYSE American under the symbol “UNFL.” This listing is a condition to the offering. No assurance can be given that our application will be approved and that our common stock will ever be listed on the NYSE American. If our listing application is not approved by the NYSE American, we will not be able to consummate this offering and will terminate the offering.

Concurrently with this offering, we are registering for resale by the selling shareholders an aggregate of 215,154shares of common stock. Upon the effectiveness of the registration statement of which this prospectus forms a part, the convertible notes will automatically convert into common stock at a conversion price of $2.75 per share. The selling shareholders have represented to us that they will not offer or sell their shares prior to the closing of this offering. Sales of these shares, or the potential of such sales, may have an adverse effect on the market price of the shares offered hereby.

Investing in our common stock involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our common stock in “Risk Factors” beginning on page 13 of this prospectus.

	Per share	Total
Initial public offering price	$	$
Underwriting discounts and commissions(1)	$	$
Proceeds, before expenses, to us	$

____________

(1)In addition, we have agreed to pay to the underwriters a 1% non-accountable expense allowance and reimburse certain of their accountable out-of-pocket expenses and to sell to the representative of the underwriters warrants to purchase up to 241,500shares of common stock. See “Underwriting” beginning on page 77 for a description of the compensation payable to the underwriters.

We have granted to the underwriters an option, exercisable no later than 45 calendar days after the date of this prospectus, to purchase up to 450,000 additional shares of our common stock, solely to cover over-allotments, if any, at the public offering price less underwriting discounts and commissions. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable will be $_____, and the total proceeds, before expenses, to us will be $_____.

We are an “emerging growth company” and a “smaller reporting company,” as defined under U.S. federal securities laws and, as such, are eligible and have elected to comply with certain reduced public company reporting requirements for this prospectus and for future filings.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the shares of common stock to investors on or about ________, 2023.

BOUSTEAD SECURITIES, LLC SUTTER SECURITIES, INC.

The date of this prospectus is ________, 2023.

TABLE OF CONTENTS

	Page
Prospectus Summary	1
Risk Factors	13
Information Regarding Forward-Looking Statements	28
Use of Proceeds	30
Dividend Policy	31
Capitalization	32
Dilution	33
Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Business	46
Management	54
Executive Compensation	59
Principal Shareholders	64
Certain Relationships and Related Party Transactions	65
Description of Securities	70
Shares Eligible for Future Sale	75
Underwriting	77
Legal Matters	81
Experts	81
Where You Can Find More Information	81
Index to Consolidated Financial Statements	F-1

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About this Prospectus

You should rely only on the information contained in this prospectus and in any free writing prospectus. Neither we nor the underwriters have authorized anyone to provide you with information different from that contained in this prospectus. We and the underwriters are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock.

Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and to observe any restrictions as to this offering and the distribution of this prospectus applicable to that jurisdiction.

Market and Industry Data

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data and our knowledge of such industry and markets which we believe to be reasonable. Although we believe the data from these third-party sources is reliable, we have not independently verified any third-party information. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in “Risk Factors” and “Information Regarding Forward-Looking Statements.” These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

ii

PROSPECTUS SUMMARY

This prospectus summary highlights certain information contained elsewhere in this prospectus. As this is a summary, it does not contain all of the information that you should consider in making an investment decision. You should read the entire prospectus carefully, including the information under the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes thereto included in this prospectus, before investing. This prospectus includes forward-looking statements that involve risks and uncertainties. See “Information Regarding Forward-Looking Statements.” Unless the context otherwise requires, we use the terms “Unifoil,” the “Company,” “we,” “us” and “our” in this prospectus to refer to Unifoil Holdings, Inc., its wholly-owned subsidiary, Unifoil Corporation, and Unifoil Corporation’s wholly-owned subsidiary, Unifoil E.U., LLC.

The Company

Overview

We develop, design, manufacture and sell value-added paper and paperboard products for consumer goods packaging that are plastic free and 100% recyclable. Using our proprietary processing technology, we metalize paper without any lamination or film resulting in a custom product with a reflective metallic look or holographic eye-catching design. We believe that our UniLustre® metallizing product line is the only technology currently available to decorate paperboard without the need for an additional plastic substrate. This environmentally friendly process, as compared to traditional decorating methods such as laminating, hot stamping or cold foiling, permits customers and end-users to recycle our paperboard with normal paper waste. We believe we are uniquely positioned with our manufacturing facilities in New Jersey, which serves our markets in the United States, Mexico and Canada, and Poland, which covers the European packaging market, to capitalize on the need for environmentally compliant decorated packaging in consumer product markets.

Our products can be utilized to produce a wide variety of packaging that is primarily used for toothpaste, beverage, cosmetic, blister and personal care packaging and extensively in gaming markets for playing cards and lottery tickets. We have provided end-user brand support, through our design and packaging, to leading consumer brands such as Anheuser-Busch, Procter & Gamble, Colgate-Palmolive, Unilever, Church and Dwight, GSK plc, Revlon, Scientific Games, British American Tobacco, R.J. Reynolds Tobacco and other Fortune 500 companies. For the past three years, our sales have grown approximately 15% year-over-year, excluding growth from our recent Poland facility acquisition in July 2021, and we have been profitable. We have been in the printing and packaging business for more than 50 years.

Traditionally, decorated products have been laminates of either film and/or paperboard. The film carries the decoration, and the substrate provides the structure to these decorated products. This gives the final package the visual impact we see in today’s marketplace and creates product differentiation. Laminates of this sort are not recyclable, however, which has become a major issue both domestically and abroad. To address that problem, we developed and branded a process that allows our products to not only be 100% recyclable but also improves the visual clarity compared to traditional laminates. We call these products UniLustre® and Holographic UniLustre®. UniLustre products are manufactured with our proprietary technology that renders the final product “film free” and 100% recyclable. This decoration is not only plastic free but uses no chemicals because we only process with water-based additives. We use a vapor deposition of aluminum to achieve the reflection that is seen on our products. Most consumer product companies have committed to converting to recyclable packaging over time, and we believe UniLustre is a compelling option for these companies.

Our products are available in virtually any color and any finish and can be manufactured on substrates ranging from 25 lb. paper/3 mil plastic to 38-point paperboard. We can apply our products to paper, board, plastics or film and can pressure sensitize any product we make. Our customers can select from precision-slit rolls, optically registered sheets or pressure sensitive formats with our branding packages. Our large format capabilities produce rolls of paper up to 72 inches in diameter and 72 inches in width. For these large rolls of paper, we either split the large rolls into narrower rolls or cut the large rolls into sheets for shipment to the customer. Generally, we sell our products to printers and folding carton producers who print our paperboard and form the printed paperboard into folding cartons that will get filled with the product for sale to the consumer. For example, we produce the paperboard that is used for manufacturing the Colgate-Palmolive and Procter & Gamble toothpaste packages.

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We are dedicated to minimizing environmental impact, not only during our production, but also throughout our customers’ production, usage and manufacturing cycles as the world continues to respond to sustainability initiatives. We have a history of being environmentally conscious. Our metallized substrates are certified by all the chain of custody agencies, including the Forest Stewardship Council, the Sustainable Forestry Initiative, and the Programme for the Endorsement of Forest Certification. Our UniLustre substrates have been certified by Western Michigan University, which is the industry accepted standard accreditation for recyclable products. Both of our manufacturing facilities are certified by the International Organization for Standardization (ISO).

Since we developed UniLustre in 1995, it has provided the marketplace with an alternative to film and foil laminations and is also 100% recyclable. As end-users have become more environmentally conscious and focused on environmental, social and governance (“ESG”) initiatives over the years, UniLustre has become more popular. We have since scaled production so that UniLustre maintains its same standard of sustainability while also maintaining approximately the same cost as many other currently existing packaging materials. Currently, 65% of our business is generated by our sales of UniLustre. Sustainability and ESG, especially in Europe, are in high demand, and we responded to the market by acquiring a printing facility in Poland in July 2021 to satisfy the demand in Europe for sustainable alternatives to film and foil laminations. We incorporated our wholly-owned subsidiary, Unifoil E.U., LLC, in June 2021 to acquire the Poland facility.

We strive to give our customers, which are primarily packaging and printing companies, and in turn, the end-user retailers, the highest levels of customer service by providing high quality products in a timely and cost-effective manner. We operate our business strategically and with broad flexibility to provide both our large and small customers with a wide spectrum of products that they need to successfully run and grow their businesses. We develop custom formulations and respond to market needs with innovative and environmentally friendly solutions.

We work side by side with our customers and frequently, the end-users, to respond to their unique needs and specifications and also help to simulate conditions to predict how our products will perform under real-world manufacturing conditions. It is our intention to provide our customers with packaging that sets them apart from their competition, and, to that end, we collaborate with each of our customers to develop the best options and solutions that are at our disposal without impacting the product differentiation desired for marketing. Our more than 50 years of expertise in commercial printing services, applying highly aesthetic, specialty finishes on paper and plastic substrates, enables us to transform ordinary printing and packaging into an attractive visual experience, making our customers’ products to stand out and show at their best.

Our Business and Growth Strategy

The principal elements of our business and growth strategy are as follows:

Enhance Our Sustainability Initiatives.Our principal business objective is to enhance our sustainability initiatives with UniLustre® and UltraLustre products and meet the market’s demand for sustainable and environmentally friendly products. We believe that the sustainable characteristics of our products provide us with an opportunity to expand our long-term customer relationships and presence in key markets with current demand trends towards sustainability. In particular, UniLustre, our premium recyclable decorated substrate, is poised for growth with worldwide focus on ESG. We have already successfully converted a portion of our business from laminated products to UniLustre recyclable products. This has allowed us to expand our reach with our new Poland facility, and our global customers are now sourcing their needs from both of our facilities in New Jersey and Poland. We have been experiencing high levels of demand, currently operating with a four to six week backlog of orders, and we anticipate an increase in demand in 2023 both in the United States and Europe for our UniLustre® product line.

Invest in Our Manufacturing Technology.We believe that within our key markets we have the most comprehensive product line of any major competitor and have a leading position in many of our key products. We expect to achieve long-term growth rates by leveraging our product line, strong product development capabilities and national, and international, geographic presence. An important part of our strategy is to continue making investments in new manufacturing technology in order to upgrade product capabilities, increase capacity lines, improve productivity and reduce overall product cost. Strategic acquisitions and upgrades to our current facilities will continue to be an important complement to our internal growth strategy. From the net proceeds of this offering, we intend to invest approximately $4.5 million into expanding our facilities by adding additional lines of operation.

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Accelerate the Marketing of Our Products Globally.Part of our strategy is to fully leverage the global demand for sustainable, recyclable packaging material by accelerating the marketing of our UniLustre products on a global scale. Currently, Europe is leading the United States with environmental requirements for packaging, but the United States is not too far behind. Many of our customers are multinational and have global needs. We are planning to install additional capacity lines in our New Jersey facility in the second quarter of 2023 and to expand our Poland facility capabilities in the fourth quarter of 2023.

Expand Our Holographic Film Capabilities In-House.    We also have plans to integrate holographic film embossing in the United States as this process is currently outsourced to other specialized firms. Holographic film embossing is more labor and capital intensive than our other products, so contracting this out to a third party has been the most economically efficient way to produce it. We believe bringing this process in-house will increase our profit margins, help us to respond quickly to market demands and help control our supply of holographic materials.

Continue to Build Strategic Alliances for Production and Marketing.We intend to build our strategic alliances with printers, end-users and vertically-integrated converters into definitive collaborative business relationships as we continue to scale our business.

The Consumer Packaging Industry

On a global scale, the packaging industry is an economic generator. In a report from The Smithers Group, a global market leader in producing packaging industry reports, entitled “The Future of Global Packaging to 2024” (pub. December 2019), demand for the world packaging industry will reach $1.05 trillion by 2024 with a compound annual growth rate of 2.8%. Asia is the largest market of world packaging consumption, followed by North America and Western Europe. Consumer trends and industry trends for packaging drive this growth rate according to the report.

The United States is one of the fastest-growing packaging markets. Large packaging companies drive investments for innovation and research and development activities in the country in order to provide unique solutions for many packaging challenges. The differential growth across materials and formats drive the fundamental shifts in the packaging industry. In the United States, these differentials are a by-product of the changing consumer behaviors and product innovation within the market.

Packaging solutions are used across various industries, such as food and beverage, cosmetics and healthcare. Packaging has gained significant traction in different industries due to its advantages, such as long shelf-life and durability. Packaging is an all-encompassing industry term for the technology and design work going into protecting or enclosing every sort of product destined for storage, shipping and sales. Packaging also takes in the product manufacturer’s marketing efforts. For consumer product companies, the way they package their products signifies their brand. We believe consumer product companies view the aesthetic qualities of their packaging as an essential part of their marketing.

Every industry has megatrends and overall changes in the marketplace that affect manufacturers’ product placement and presentation. More and more brands are beginning to target niche markets with their packaging. Personalized packaging was a top packaging trend in 2022 as it allowed individuals to identify with a brand’s product.

Our Packaging Products

We offer a wide selection of high-quality, cost effective packaging products. Decorated substrates include paper, paperboard, synthetic papers and plastic. In addition to metallic silver, we are a leading producer of holographic patterns both standard and custom and the leader in registered holographic and registered fresnel lens finishes. We work in close collaboration with our customers and end-users to develop products to meet their unique individual business needs. The major categories of our products include:

UniLustre®products are our proprietary paper and board substrate that delivers visual impact of foil and film laminates with none of the environmental or production challenges. UniLustre lets designers and packaging specifiers create the impactful, dynamic designs that grab consumers’ attention. From a production standpoint, UniLustre prints, scores and folds as easily as paper. UniLustre papers and boards are ideal for cosmetic, personal care, beverage, confection and retail goods packaging due to its leak-proof capabilities. UniLustre is also water-based, as it is manufactured without any chemicals. We believe this product makes point-of-purchase and specialty printing more attractive than other materials on the market.

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UniLustre is non-laminated, film-free, solvent-free and recyclable. UniLustre can also be made from post-consumer waste. We believe it satisfies sustainability initiatives of consumer product companies as the materials contribute to source reduction, use less energy and fewer materials and, compared with other packaging products, are less expensive to ship and can significantly reduce a company’s carbon footprint.

UniLustre products are available in metallic silver, stock and custom holographic patterns and with advanced holographic security options. UniLustre can be applied selectively to the substrate through our proprietary process. We can also add color and embossing to design options creating a large array of options for our customers. Additionally, UniLustre can be applied to a variety of paperboard substrates so it is optimal for packaging, cards, POS, signage and displays.

UniLustre accounted for approximately 59.2% and 64.1% of our sales in 2021 and 2022, respectively. No other single product has accounted for more than 10% of our sales during any of these prior periods.

UltraLustre® products are our proprietary, 100% recyclable, plastic or synthetic substrates that allow us to decorate holographic images directly onto a plastic substrate (such as a plastic cut). The ensuing product is as recyclable as the plastic substrate itself. UltraLustre is ideal to use in in-mold label applications as it obviates the need for adhesive labels, and the absence of lamination alleviates any possibility of curling or wrinkling. We do not believe that any other company has a product equivalent to ours, nor do we believe there is another product that can match UltraLustre’s ability because our product delivers the visual impact of foil and film laminates without the environmental and production challenges. The absence of lamination allows for recycling of the final product and for regrinding of manufacturing rejects. UltraLustre provides designers and packaging specifiers the ability to take their ideas to the next level, and we believe it delivers a true on-shelf marketing advantage.

UltraLustre products are available in metallic silver, stock and custom holographic patterns and with advanced holographic security options. UltraLustre can be applied selectively to the substrate through our proprietary process. We can also add color and embossing to design options creating a large array of options for our customers. These products differ from UniLustre as they are used for synthetic papers and plastic.

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Recyclable UltraLustre® products are designed to satisfy the sustainability initiatives of consumer product companies. Recyclable UltraLustre is non-laminated, film-free and compatible with recyclable and regrindable in-mold labeling and in-mold decorating applications. The primary uses for Recyclable UltraLustre are injection molded and blow molded applications. UltraLustre materials contribute to source reduction, use less energy and fewer materials than other packaging products, cost less to ship and can significantly reduce a company’s carbon footprint. UltraLustre, like all of our products, can be used on a variety of substrates between 2- to 36-gauge thicknesses, making it ideal for cups, blow molded containers, transaction cards, tubes, food packaging, signage and displays.

Unifilm®, our traditional film-based product, is available in virtually any color and finish and can be manufactured on substrates ranging from 25 lb. paper/3 mil plastic to 38-point board or plastic and other specialty substrates. Unifilm can be applied to paper, board, plastics or film and pressure sensitizes any product that we make. Unifilm is available in precision-slit rolls, optically registered sheets or pressure sensitive formats.

Uniblock™ provides a solution for printed applications where opacity is paramount. Uniblock is a proprietary, black adhesive compound that seals layers together and eliminates light passing through. Uniblock is ideal for applications such as playing cards, pressure sensitive window signage and opaque barriers.

All of our holographic raw materials are procured from outside suppliers. However, we have capital projects and personnel in place to expand our capabilities by integrating the embossing of holographic films process in-house. The embossing process is expensive to outsource, and it is our intention to manufacture it ourselves, which will add significant margin to our existing business and offer additional reach into emerging opportunities.

Our holographic prints deliver a detailed level of depth and movement in packaging, point-of-purchase displays, shelf signage and other specialty print applications. Our holographic prints can also deliver security and authentication protection for advanced security applications. Our custom holographic patterns are available on all of our UniLustre, UltraLustre and Unifilm products.

Our Sales, Marketing, Customers and End-Users

We employ salespeople in New Jersey, Pennsylvania and Massachusetts, as well as internationally, in Poland and the United Kingdom. Currently, we have five dedicated salespeople. We sell roughly 10% of our products through brokers. We launched our website and digital marketing campaign in the fourth quarter of 2022. Our sales and marketing strategy encompasses two parallel paths. Ideally, we sell to who we consider to be the end-user — for example, Procter & Gamble. We also market our product to “end-users” like Procter & Gamble, such that if we are successful, they will specify our product for their contracted printers.

We offer pricing to the end-user, which can help our customers eliminate the negotiation and potential markup from a printer. Our aim is to have end-users request our product from their contracted printers. We also sell directly to printers for accounts that they have secured. Regardless of how we market, we always ship directly to and invoice the printer. We do not have formal written agreements with our customers or end-users, except for our memorandum of agreement with PaperWorks Industries, Inc. All other orders are repeat jobs governed by the sales acknowledgment we send to every customer in response to their purchase orders on an individual job basis. Specifically, customers provide us the purchase order and, for every order, we return our sales acknowledgment, which confirms the order’s quantity, price, shipping date and description of product, and contains certain intellectual property provisions, conditions, warranty and other terms customary to this type of service.

Our customers’ orders are either in rolls of paper or sheets of paper, both of which are sold by the lineal foot. Sheets costs more to produce, both because of the process involved to make sheets of paper out of the rolls of paper, but also due to the higher raw material cost associated with the sheets. Further, sheets are generally more expensive to the customer because they can also be holographic, and provide further customization options than when a customer orders rolls of paper. Whenever possible, we pass-through this increased manufacturing cost to our customers. However, because some of the increased costs of producing sheets are not passed through to our customers, when customers’ orders of sheets increase compared to orders of rolls, we are able to capture some of the higher price of sheets and generate more revenue.

Our two largest product markets are the oral care and scratch off state lottery ticket packaging markets. There is limited consolidation of customers in the scratch off state lottery tickets market, and we currently supply three printers that satisfy 20 different states for their lottery tickets. Though we supply many different printers in the oral

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care market, most of our sales in this market are to PaperWorks Industries, Inc. In the field of folding carton suppliers, which encompasses single layer cartons that feel similar to cardstock, there has been significant consolidation. We intend to leverage these existing relationships in order to continue to grow in this area. In 2022, approximately 19% of our sales were international. We intend to expand productivity in the international marketplace as we increase the capabilities of our Poland facility.

Our customer base is dispersed across different geographic areas with generally short payment terms. We routinely assess the financial strength of our customers. Our three primary customers in 2022 were PaperWorks Industries, Inc., International Gaming Technologies, and Scientific Games Inc., each of whom accounted for approximately $10,584,000, $4,277,000 and $3,082,000 of our sales, respectively, and accounted for approximately 59% of our sales, collectively, for the year ended December 31, 2022. Our three primary customers in 2021 were PaperWorks Industries, Inc., Scientific Games Inc., and Multipackaging Solutions, each of whom accounted for approximately $9,116,000, $4,895,000 and $1,920,000 of our sales, respectively, and accounted for approximately 65% of our sales, collectively, for the year ended December 31, 2021.

Below were our top end-users, customers and sales percentages in 2021 and 2022:

End-User	Customer	Packaging Market	Percentage of Sales 2021		Percentage of Sales 2022
Procter & Gamble	PaperWorks Industries, Inc.	Oral Care/Cleaning	27.2	%	28.7	%
State lottery agencies	Scientific Games Inc.	Lottery	23.9	%	10.2	%
State lottery agencies	International Gaming Technologies	Lottery	1.8	%	14.2	%
Colgate-Palmolive	PaperWorks Industries, Inc.	Oral Care	4.1	%	3.8	%
Oral-B	Sunoco LP	Blister Cards	7.2	%	5.8	%
Diageo	Multipackaging Solutions/WestRock Company	Liquor	11.6	%	6.4	%
Novartis	Colbert Packaging	Eye Care	5.0	%	4.0	%
Anheuser-Busch; Colgate-Palmolive	Graphic Packaging International	Liquor/Oral Care	3.0	%	5.7	%
Unilever	Mainline		2.1	%	5.3	%

Our Competitive Strengths

We are a high volume, low cost, environmentally conscious producer that is able to satisfy both large and small volume orders with enough capacity to also handle our customer base’s needs. Our main goal is to offer product differentiation, branding and high-quality packing materials without any capital expenditure or tooling costs for our customers or their printers.

We believe our focus in sustainability has provided us an edge against competitors. For instance, cold foil technology is an alternative to UniLustre. This technology uses a printing press and is not 100% recyclable like our product. Further, our products provide more value to the customer compared to their respective alternatives. Other technologies, such as hot stamping, only decorate 10% of the package, while our metallized substrate technologies have the ability to decorate up to 100% of the package. Sustainability is also present in the amount of film and aluminum used in our products. While we use film in the UniLustre process, we remove it, regrind it and reclaim it for future usage so that there is zero waste. By applying our chemistry processes to a clear and very thin polyester film, which is then metallized in a vacuum that disperses the aluminum to the product, we minimize the amount of aluminum utilized. By using our methods and technologies, we can cover two football fields worth of packaging with a nominal amount of aluminum.

We believe the following competitive strengths differentiate us from our competitors and drive our success:

•We offer 100% recyclable, sustainable and repulpable (reusable) substrates.

•From our certification by Western Michigan University, we are in the forefront for creating sustainable brilliant substrates.

•Our reach in the United States and Europe offers large consumer product companies the ability to standardize their packaging globally.

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•We have been able to scale UniLustre such that it is positioned to manufacture at a low cost while selling at a premium.

•We believe that we have more capacity and capability than any direct competitor in our market.

•Our management and manufacturing teams are highly experienced, and we have been in the packaging business for more than 50 years.

Bridge Financing

From September 2022 to December 2022, we received gross proceeds of $500,000 from a private placement of convertible promissory notes (the “Bridge Financing”), pursuant to the terms of a subscription agreement with seven accredited investors. The convertible notes mature on October 19, 2025 (unless earlier converted) and bear interest at a rate of 10% per annum. The convertible notes will automatically convert (without any action on the part of the holders) upon the effectiveness of this offering into 181,820shares of our common stock at a conversion price of $2.75 per share. The holders of our convertible notes will own approximately 1.3% of the outstanding shares of our common stock following this offering.

We are using the net proceeds of the Bridge Financing to fund our continuing working capital and capital expenditure requirements leading up to this offering. Boustead Securities, LLC, the representative of the several underwriters of this offering, served as the lead placement agent for the Bridge Financing, and Sutter Securities, Inc., an underwriter in this offering, served as a placement agent for the Bridge Financing. Boustead received fees and reimbursement of expenses in an aggregate amount of $90,000 and warrants to purchase 12,728shares of our common stock. Sutter Securities, Inc. received fees and reimbursement of expenses in an aggregate amount of $7,635.

Selected Risks Associated with Our Business

Investing in our common stock involves a high degree of risk. You should carefully consider all the information in this prospectus prior to investing in our common stock. These risks are discussed more fully in the section entitled “Risk Factors” immediately following this prospectus summary. These risks and uncertainties include, but are not limited to, the following:

•we have significant debt, which could adversely affect our financial condition and ability to operate our business;

•our business is impacted by fluctuations in raw material, energy and freight costs, including the impact of tariffs, trade and similar matters, which are out of our control and can adversely affect our business, financial condition and results of operations;

•we operate in the highly competitive packaging market, and these competitive pressures could result in reduced revenues and profitability with price and performance competition;

•we are subject to strict environmental, health and safety laws, regulations and permits in connection with the disposability and recyclability of our packaging and paper products, and we could incur significant costs in complying with, or liabilities and obligations related to, such laws, regulations and permits;

•if we fail to maintain satisfactory relationships with our major customers and end-users, our results of operations could be adversely affected;

•loss of any of our key manufacturing equipment or facilities or equipment failure could have an adverse effect on our financial condition or results of operations;

•we depend on a small number of suppliers for our raw materials and any interruption in our supply of raw materials would harm our business and financial performance;

•war, terrorism, other acts of violence or natural or manmade disasters such as the COVID-19 pandemic and associated responses could adversely impact our business and results of operations;

•government regulations and judicial decisions affecting products we produce or the products contained in the products we produce could significantly reduce demand for our products;

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•we are exposed to risks related to international sales and operations; and

•our executive officers and directors, and their affiliated entities, own a significant percentage of our stock and will be able to exert significant control over matters subject to shareholder approval.

Corporate Information and Incorporation

We were founded in 1971 in New Jersey by acquiring our lamination business from Anaconda Aluminum Company based in Louisville, Kentucky. We incorporated in New Jersey on March 28, 1980 under the name George J. Barenholtz Associates, Inc. We changed our name to GJB Associates, Inc. in August5, 1980, and, again, to Unifoil Holdings, Inc. in December 2000.

We expect to reincorporate the Company from the State of New Jersey to the State of Nevada as soon as practicable prior to the effectiveness of this offering, subject to shareholder approval, the decision of which is at the sole discretion of our board of directors (the “Reincorporation”). The Reincorporation will be achieved through the merger of the Company with and into a newly formed entity, Unifoil Holdings, Inc., a Nevada corporation (“Unifoil Nevada”), pursuant to a Plan of Merger, which was unanimously approved by our board of directors on [], 2023, and subsequently approved by a majority of our shareholders on [   ], 2023.

Our principal executive office is located at 12 Daniel Road East, Fairfield, New Jersey, 07004. Our phone numbers are (973) 244-9900 and (800) 596-5600. Our European headquarters is located at Mialki Szlak 52 Hala D 80-717, Gdansk, Poland. Our phone number in Poland is (0048) 58-683-60-30. Our corporate website is located at www.unifoil.com. Information on our website is not part of this prospectus.

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Summary of the Offering

Securities being offered by us:	3,000,000shares
Shares of common stock outstanding prior to the offering:	10,375,460shares(1)
Shares of common stock to be outstanding after the offering:	13,557,280shares
Over-allotment option:	We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the shares of common stock sold in this offering (450,000 additional shares) at the initial public offering price, less the underwriting discounts and commissions.
Use of proceeds:	We expect to receive net proceeds of approximately $12,950,000 from this offering (or approximately $15,200,000 if the underwriters exercise their over-allotment option in full), assuming an initial public offering price of $5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus), and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We plan on using the net proceeds from this offering as follows: (i) approximately $5.7 million to enhance our product manufacturing capabilities, (ii) approximately $4.5 million to expand our two facilities by adding additional lines of operation,, (iii) approximately $1.5 million to fund potential acquisitions of other packaging companies, and (iv) approximately $0.5 million to increase our product marketing and promotion and seek additional sales channels, with the remaining proceeds to be used for working capital and general corporate purposes, including capital expenditures for facility improvements. Our management will retain broad discretion over the allocation of the net proceeds from this offering. See “Use of Proceeds.”
Lock-up Agreements:	Our executive officers, directors and shareholders holding at least 5% of our outstanding shares of common stock have agreed not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 365 days after the date of this prospectus. Our shareholders holding between 1% and 4.99% of our outstanding shares of common stock have agreed not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 180 days after the date of this prospectus. See “Underwriting — Lock-Up Agreements.”

____________

(1)The number of shares of our common stock outstanding prior to this offering does not include the following:

•181,820shares of common stock issuable upon conversion of convertible promissory notes outstanding (assuming an initial public offering price of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus), which conversion will occur upon the effectiveness of this offering;

•12,728shares of common stock issuable upon exercise of warrants held by Boustead Securities, LLC, the representative of the underwriters in this offering; and

•up to 241,500shares of common stock issuable upon exercise of the representative’s warrants, which are expected to be issued in connection with this offering.

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Risk factors:

Investing in our shares of common stock involves a high degree of risk and purchasers of our common stock may lose their entire investment. See “Risk Factors” and the other information included and incorporated by reference into this prospectus for a discussion of risk factors you should carefully consider before deciding to invest in our shares.

Proposed NYSE American symbol:

We have applied to list our shares of common stock for trading on the NYSE American under the symbol “UNFL.” This listing is a condition to the offering. No assurance can be given that our application will be approved and that our common stock will ever be listed on the NYSE American. If our listing application is not approved by the NYSE American, we will not be able to consummate this offering and will terminate the offering.

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Summary Consolidated Financial Information

The following tables summarize certain financial data regarding our business and should be read in conjunction with our financial statements and related notes contained elsewhere in this prospectus and the information under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We have derived the summary financial information for (i) the years ended December31, 2022 and 2021 from our audited consolidated financial statements and related notes, and (ii) the three months ended March31, 2023 and 2022 from our unaudited interim condensed consolidated financial statements, each included at the end of this prospectus. Our unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with our audited financial statements and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the financial information in those statements.

All financial statements included in this prospectus are prepared and presented in accordance with generally accepted accounting principles in the United States. The summary financial information is only a summary and should be read in conjunction with our historical consolidated financial statements and related notes contained elsewhere herein. The financial statements contained elsewhere fully represent our financial condition and operations; however, they are not indicative of our future performance.

Statement of Operations Data:

	THREE MONTHSENDED MARCH 31,						YEAR ENDEDDECEMBER 31,
	2023			2022			2022			2021
Sales	$	6,307,020		$	7,727,837		$	30,216,998		$	24,738,047
Cost of Sales
Direct manufacturing costs		3,742,133			4,681,078			18,667,239			14,763,541
Indirect manufacturing costs		1,492,254			1,771,307			6,809,961			5,436,022
Total cost of sales		5,234,387			6,452,385			25,477,200			20,199,563
Gross Profit		1,072,633			1,275,452			4,739,798			4,538,484
Operating Expenses
Selling, general, and administrative expenses		799,814			702,183			2,971,189			2,736,590
Total operating expenses		799,814			702,183			2,971,189			2,736,590
Operating Income		272,819			573,269			1,768,609			1,801,894
Other Income (Expense)
Interest expense		(240,233	)		(262,945	)		(885,193	)		(880,209	)
Total other income (expense)		(240,233	)		(262,945	)		(885,193	)		(880,209	)
Income before taxes		32,586			310,324			883,416			921,685
Income tax expense		—			24,333			117,111			168
Net Income		32,586			285,991			766,305			921,517
Other comprehensive loss – cumulative translation adjustment		(1,650	)		(3,553	)		(6,600	)		(14,212	)
Total comprehensive income	$	30,936		$	282,438		$	759,705		$	907,305
Basic and diluted earnings per share	$	0.00		$	0.03		$	0.07		$	0.09

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	As of March 31, 2023
Balance Sheet Data:	Actual			Pro Forma(1)			Pro Forma, As Adjusted(2)
Total current assets	$	11,903,231		$	11,903,231		$	24,853,231
Working capital(3)	$	4,864,113		$	5,364,113		$	18,314,113
Total assets	$	23,065,887		$	23,065,887		$	36,015,887
Total liabilities	$	27,212,572		$	26,712,572		$	26,712,572
Total stockholders’ equity (deficit)	$	(4,146,685	)	$	(3,646,685	)	$	9,303,315

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(1)The pro forma data reflects the conversion of the Convertible Notes into 181,820shares of common stock and gives effect to the addition to working capital and total stockholders’ equity of the $500,000 in gross proceeds from the Bridge Financing and its corresponding reduction from total liabilities. The pro forma information discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.

(2)The pro forma, as adjusted data gives effect to the pro forma adjustments described in footnote (1) above and the sale of 3,000,000shares of our common stock in this offering at the assumed initial public offering price of $5.00 per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting the underwriting discount and estimated offering expenses payable by us, from which we expect to receive net proceeds of approximately $12,950,000. The pro forma, as adjusted information discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.

(3)We define working capital as current assets less current liabilities.

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RISK FACTORS

An investment in our shares of common stock involves significant risks. Before making an investment in our shares of common stock, you should carefully consider the risks and uncertainties discussed below under “Information Regarding Forward-Looking Statements,” and the specific risks set forth herein. Any of the following risks could have a material adverse effect on our business, financial condition and results of operations. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends. In any such case, the market price of our shares of common stock could decline, and you may lose all or part of your investment.

Risks Related to Our Business and Industry

We have significant debt, which could adversely affect our financial condition and ability to operate our business.

We have approximately $18.0 million of outstanding indebtedness. The majority of our indebtedness is made up by related party promissory notes, including the various promissory notes with Raghunathan Sarma dating back to 2010 (collectively, the “Sarma Notes”). Mr. Sarma has loaned us an aggregate principal amount of approximately $16.0 million. As of August14, 2023, the aggregate outstanding principal and interest balance of the Sarma Notes remains at approximately $15.5 million.

The Sarma Notes accrue interest at varying rates and compound on a monthly basis. We will be in default of the Sarma Notes if we are unable to meet our monthly payment obligations. If we are unable to meet these obligations, we would be in default on each of the Sarma Notes, which would have a severe material adverse effect on our ability to operate our business.

Our debt level and related debt service obligations:

•require us to dedicate significant cash flow to the payment of principal of, and interest on, our debt, which will reduce the funds we have available for other purposes, including working capital and capital expenditures;

•may limit our flexibility in planning for, or reacting to, changes in our business and market conditions or in funding our strategic growth plan;

•impose on us financial and operational restrictions; and

•expose us to interest rate risk on our debt obligations bearing interest at variable rates.

These restrictions could adversely affect our financial condition and limit our ability to successfully implement our growth strategy.

In addition, we may need additional financing to support our business and pursue our growth strategy, including for strategic acquisitions. Our ability to obtain additional financing, if and when required, will depend on investor demand, our operating performance, the condition of the capital markets and other factors. We cannot assure you that additional financing will be available to us on favorable terms when required, or at all. If we raise additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to those of our common stock, and, in the case of equity and equity-linked securities, our existing shareholder may experience dilution.

Our business is impacted by fluctuations in raw material and paperboard costs, including the impact of tariffs, trade and similar matters, which are out of our control and can adversely affect our business, financial condition and results of operations.

Fluctuations in raw material costs can adversely affect our business, financial condition and results of operations. Raw material costs represent a significant portion of our cost of sales. The primary raw materials used in our products are plastic resins (principally polylactic acid, polyvinyl chloride, polypropylene, polyethylene, polystyrene and polyethylene terephthalate), aluminum, fiber (principally recycled newsprint, raw wood and wood chips) and paperboard (principally cartonboard and cupstock).

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The prices of many of our raw materials have fluctuated significantly in recent years. Raw material price fluctuations are generally due to movements in commodity market prices although some raw materials, such as wood, may be affected by local market conditions (including weather) as well as the commodity market. We typically do not enter into long-term purchase contracts that provide for fixed prices for our principal raw materials. While we regularly enter into hedging agreements for some of our raw materials and energy sources, such as resin (or components thereof), natural gas and diesel, to minimize the impact of such fluctuations, these hedging agreements do not cover all of our needs, and hedging may reduce the positive impact we may otherwise receive when raw material prices decline.

In addition, over the last several years, there has been a trend toward consolidation among suppliers of many of our principal raw materials, and we expect that this trend will continue. Consolidation among our key suppliers could enhance their ability to increase prices, forcing us to pay more for such raw materials. We may be unable to pass on such cost increases to customers which could result in lower margins or lost sales.

Our memorandum of agreement with PaperWorks Industries, Inc. (“PWI”) includes raw material cost pass-through mechanisms, which mitigate the impact of changes in raw material costs; however, the contractual price changes do not occur simultaneously with raw material price changes. Due to differences in timing between purchases of raw materials and sales to PWI, there is often a “lead-lag” effect during which margins are negatively impacted in periods of rising raw material costs and positively impacted in periods of falling raw material costs. Moreover, many of our sales are not covered by such pass-through mechanisms, and while we also use price increases, whenever possible, to mitigate the effect of raw material cost increases for customers that are not subject to raw material cost pass-through agreements, we often are not able to pass on cost increases to our customers on a timely basis, if at all, and consequently do not always recover the lost margin resulting from the cost increases.

A major challenge we may face is a supply shortage of paperboard across the market. We do not currently have any supply contracts with any vendors for paperboard. We use paperboard in 100% of our products, so any delay in our supplies can delay our production. We have no ability to anticipate when this challenge may be alleviated, and it is possible that a paperboard shortage could have a material adverse effect on our operations.

In an effort to mitigate the impact of supply chain disruptions to our operations, in addition to increasing the pricing of certain products commensurate with our costs, we rely on multiple suppliers for all of our films and foils, including both domestic and international suppliers. We prefer domestic suppliers as they have the capability of reacting quickly to changes in the marketplace and absorbing these effects so business can continue as usual. Lead time and cost of transport can have a significant impact on our industry so domestic suppliers’ ability to absorb change because of their close geographical location and resultant uncomplicated supply chain is beneficial to us. Overall, our films are not costly to ship and we do bring in films and foils from foreign suppliers, primarily from Turkey and India. Supplies from these countries, in general, present significant cost savings as well as quality benefits. Additionally, we maintain significant inventory for repeat and/or well-forecasted business.

The cost of raw materials and other goods and services required to operate our business are also impacted by governmental actions, such as tariffs and trade sanctions. For example, the recent imposition by the U.S. government of tariffs on products imported from certain countries and trade sanctions against certain countries have introduced greater uncertainty with respect to U.S. trade policies, which have impacted the cost of certain raw materials, including aluminum and resin, and other goods and services required to operate our business. Major developments in trade relations, including the imposition of new or increased tariffs by the United States and/or other countries, could have a material adverse effect on our business, financial condition and results of operations.

Our business is impacted by fluctuations in energy and freight costs, which are out of our control and can adversely affect our business, financial condition and results of operations.

We are dependent on different sources of energy for our operations, such as coal, fuel oil, electricity and natural gas. For example, we are susceptible to price fluctuations in natural gas as it incurs significant natural gas costs to convert raw wood and wood chips to liquid packaging board. An increase in the selling prices for the products we produce resulting from a pass-through of increased raw material costs or freight costs could also have an adverse impact on the volume of units we sell. Further, if some of our large energy contracts were to be terminated for any reason or not renewed upon expiration, or if market conditions were to substantially change resulting in a significant increase in the price of coal, fuel oil, electricity and/or natural gas, we may not be able to find alternative, comparable suppliers or suppliers capable of providing coal, fuel oil, electricity and/or natural gas on terms or in amounts satisfactory to us. As a result of any of these events, our business, financial condition and operating results may suffer.

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In addition, we are dependent on third parties for the transportation of both our raw materials and other products that we purchase for our operations and the products that we sell to our customers. In certain jurisdictions, we are exposed to import duties and freight costs, the latter of which is influenced by carrier availability and the fluctuating costs of oil and other transportation costs.

Our Poland facility is currently oversold and needs more capacity to be profitable.

Our Poland facility is currently oversold and needs more capacity. We have plans to add significant capital equipment in this facility and our New Jersey facility over the next 18 months to address these issues. However, if we are unable to raise capital when needed, and on commercially reasonable terms, we could be forced to delay, reduce or eliminate the expansion of our facilities. This would greatly hinder any future commercialization efforts and could significantly harm our business, financial condition and prospects.

Severe supply chain disruption that affects the supply of raw materials used by us would harm our business and financial performance.

Some of our key raw materials, such as paper, are sourced from a single supplier or a relatively small number of suppliers. As a consequence, we are dependent on these suppliers for an uninterrupted supply of our key raw materials. Such supply could be disrupted for a wide variety of reasons, many of which are beyond our control. We have no written contracts with our suppliers. Rather, we use purchase orders, and therefore in the event of a supply disruption, the company would have to locate and establish relationships with new suppliers. An interruption in the supply of raw materials for an extended period of time could have an adverse impact on our business and results of operations.

Consolidation in the North American paperboard and converting industry may adversely affect our business.

The ongoing consolidation of paperboard and paperboard converting businesses, including through the acquisition and integration of such converting businesses by larger competitors of ours, could result in a loss of customers and sales in our paperboard business. A loss of paperboard customers or sales as a result of consolidations and integrations could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we fail to maintain satisfactory relationships with our major suppliers, end-users and customers, our results of operations could be adversely affected.

Many of our customers and end-users are large and possess significant market leverage, which results in significant downward pricing pressure and often constrains our ability to pass through price increases. We sell the majority of our products under multi-year agreements with customers, although some of these agreements may be terminated at the convenience of the customer on short notice; the balance of our products are sold on a purchase order basis without any commitment from the customers to purchase any quantity of products in the future. If our major customers reduce purchasing volumes or stop purchasing our products, our business and results of operations would likely be adversely affected. It is possible that we will lose customers in the future, which may adversely affect our business and results of operations.

Over the last several years, there has been a trend toward consolidation in the folding carton supplier industry, and we expect that this trend will continue. Consolidation among our suppliers could increase their ability to apply price pressure, and thereby force us to reduce our selling prices or lose sales, which would impact our results of operations. Following a consolidation, our suppliers in the folding carton industry may also close production facilities, or decide to operate in-house to lower their costs, while our end-users in the oral care or lottery industries may close stores, reduce inventory or switch suppliers for their products. Any of these actions could adversely impact the sales of our products.

We have been highly dependent on indirect sales of our products to Procter & Gamble (“P&G”), an end-user, through our memorandum of agreement with PWI. Approximately 27.2% and 28.7% of our sales for fiscal 2021 and 2022, respectively, resulted from indirect sales of our products to P&G. Therefore, at present, a significant portion of our business depends largely on the success of P&G in the consumer marketplace. Our business could be adversely affected if P&G’s share of the consumer market declines or if its customer base is eroded. A decision by P&G or PWI to discontinue or limit its relationship with us could have a material adverse effect on our business, financial condition and results of operations.

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Additionally, a significant portion of our sales is earned in connection with indirect sales of our products to states’ lottery agencies, end-users, through our relationships with our customers, Scientific Games Inc. and International Gaming Technologies. For fiscal 2021 and 2022, sales attributable to states’ lottery agencies represented approximately 25.7% and 32.6%, respectively, of our sales. A decision by one or more states’ lottery agencies or these customers to discontinue or limit its relationship with us could have a material adverse effect on our business, financial condition and results of operations.

We are exposed to risks related to international sales and operations, which could adversely affect our international revenues and financial condition.

We derived approximately 20% of our sales during the years ended December 31, 2021 from outside the United States through international operations, some of which were transacted in U.S. dollars. We derived approximately 19% of our sales in 2022 from outside the United States. Our operating results and business prospects could be adversely affected by risks related to Poland, where we have a manufacturing facility, and the countries outside the United States in which we sell our products. We are exposed to risks of operating in another country, as well as others, including, but not limited to, risks associated with:

•the difficulties with and costs of complying with a wide variety of complex laws, treaties and regulations;

•unexpected changes in political or regulatory environments; earnings and cash flows that may be subject to tax withholding requirements or the imposition of tariffs, exchange controls or other restrictions;

•repatriating cash from foreign countries to the United States;

•political, economic and social instability;

•import and export restrictions and other trade barriers;

•responding to disruptions in existing trade agreements or increased trade tensions between countries or political and economic unions;

•maintaining overseas subsidiaries and managing international operations;

•obtaining regulatory approval for significant transactions;

•government limitations on foreign ownership or takeovers, nationalizations of business or mandated price controls;

•fluctuations in foreign currency exchange rates; and

•transfer pricing.

We are subject to taxation in the United States and also one non-U.S. jurisdiction. We base our tax returns on our interpretation of tax laws and regulations in effect; however, governing tax bodies may disagree with certain of our tax positions, which could result in a higher tax liability.

Any one or more of these risks could adversely affect our international operations and our results of operations, cash flows and financial condition, and the trading price of our common stock.

Loss of any of our key manufacturing equipment or facilities or equipment failure could have an adverse effect on our financial condition or results of operations.

The loss of the use of all or a portion of our two manufacturing facilities due to an accident, labor issues, weather conditions, pandemics, terrorism, natural disaster or otherwise, could have a material adverse effect on our financial condition or results of operations. Certain of our products are produced at only one or at a small number of facilities, increasing the risks associated with a loss of use of such facilities. Facilities may from time to time be impacted by adverse weather and other natural events, and the prolonged loss of a manufacturing facility due to such events could have a material adverse effect on our business. In addition, certain of our equipment requires significant effort to maintain and repair, and prolonged down-time due to equipment failure or loss could have a material adverse effect on our business.

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The conflict in Ukraine and macroeconomic pressures in the markets in which we operate may adversely affect our financial results.

Geopolitical issues around the world can impact macroeconomic conditions and could have a material adverse impact on our financial results. For instance, the ultimate impact of the conflict in Ukraine on fuel prices, inflation, the global supply chain and other macroeconomic conditions is unknown and could materially adversely affect global economic growth, disrupting discretionary spending habits and generally decreasing demand for our products and services. While we do not provide products to Russia, it is a significant global producer of fuel, nickel, and copper. Disruptions in the markets for those inputs could negatively impact the global and domestic economy.

While the demand of our services in the United States and Europe have not yet been affected by the conflict in Ukraine and higher fuel prices, we cannot predict the impact that the conflict may have in the future on the demand of our products, especially in Europe. In addition, as a result of the conflict in Ukraine, energy costs at our Poland facility may increase and supply chain disruptions may occur, both of which may also affect our financial results.

European mills that supply our European facility are deeply concerned about a potential energy crisis that could result from the conflict between Russia and Ukraine. The conflict between these two countries has already caused higher energy prices, which is expected to continue into 2023. The uncertain nature, magnitude, and duration of hostilities stemming from the conflict between Russia and Ukraine have contributed to increased market volatility and uncertainty, which could have an adverse impact on macroeconomic factors that affect our business and could amplify the existing challenges we face. The extent and duration of this conflict, sanctions and resulting market and supply chain disruptions are highly unpredictable but could be substantial. Any such disruptions may also magnify the impact of other risks described in this registration statement.

Supply of faulty or contaminated products could harm our reputation and business.

Our failure to produce products that meet safety and quality standards could result in adverse effects on consumer health, litigation exposure, loss of market share and adverse financial impacts, among other potential consequences, and we may incur substantial costs in taking appropriate corrective action (up to and including recalling products from end consumers) and to reimburse customers and/or end consumers for losses that they suffer as a result of these failures. Our actions or omissions with respect to product safety and quality could lead to regulatory investigations, enforcement actions and/or prosecutions, and result in adverse publicity, which may damage our reputation. Any of these results could adversely affect our results of operations, cash flows and financial condition, and the trading price of our common stock.

The widespread use of social media and networking sites by consumers has greatly increased the speed and accessibility of information dissemination. Negative publicity, posts or comments on social media or networking sites about us, whether accurate or inaccurate, or disclosure of non-public sensitive information about us, could be widely disseminated through the use of social media. Such events, if they were to occur, could harm our image and adversely affect our business, as well as require resources to rebuild our reputation.

We operate in the highly competitive packaging market, and these competitive pressures could result in reduced revenues and profitability with price and performance competition.

We operate in highly competitive markets. The following companies, among others, compete with us: Dart Container Corporation, Huhtamäki Oyj, Berry Global Group, Inc., Genpak, LLC, Sonoco Products Company, The Paper Excellence Group and Resolute Forest Products Inc., Stora Enso Oyj, Amcor plc, Sealed Air Corporation, Silgan Holdings Inc., SIG Combibloc Group AG and Elopak UK Limited. Some of our competitors have significantly higher market shares in select product lines than we do globally or in the geographic markets in which we compete. Some of our competitors offer a more specialized variety of materials and concepts in select product lines and may serve more geographic regions through various distribution channels. Some of our competitors may have lower costs or greater financial and other resources than we do and may be less adversely affected than we are by price declines or by increases in raw material costs or otherwise may be better able to withstand adverse economic or market conditions.

In addition to existing competitors, we also face the threat of competition from new entrants to our markets. To the extent there are new entrants, increasing or even maintaining our market shares or margins may be more difficult. In addition to other suppliers of similar products, our business also faces competition from products made from other substrates. The prices that we can charge for our products are therefore constrained by the availability and cost of

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substitutes. We are subject to the risk that local competitors following lower social responsibility standards may enter the market with lower compliance, labor and other costs than ours, and we may not be able to compete with such companies for the most price-conscious customers.

The combination of these market influences has created a competitive environment in which product pricing (including volume rebates and other items impacting net pricing), quality and service are key competitive factors. Our customers continuously evaluate their suppliers, often resulting in downward pricing pressure and increased pressure to continuously introduce and commercialize innovative new products, improve quality and customer service and maintain strong relationships with our customers. We may lose customers in the future, which would adversely affect our business and results of operations. These competitive pressures could result in reduced net revenues and profitability and limit our ability to recover cost increases through price increases and, unless we are able to control our operating costs, our gross margin may be adversely affected.

Our business could be harmed by changes in consumer preferences and health-related and environmental or sustainability concerns.

Many of our products are used by consumers in connection with our oral care, scratch lotteries and liquor products. Any reduction in consumer demand for those products as a result of environmental, health or personal preference considerations could have a significant impact on our customers and, as a result, on our financial condition and results of operations. This includes the demand for the products that we make, as well as demand for our customer’s products. Additionally, there is increasing concern about the environmental impact of the manufacturing, shipping and/or use of single-use packaging products. For instance, some U.S. municipalities and states and certain other countries have proposed or enacted legislation prohibiting or restricting the sale and use of certain foodservice products and requiring them to be replaced with recyclable or compostable alternatives. If this were to extend to products and industries in which we have customers, the demand for our products could be adversely affected.

Product stewardship and resource sustainability concerns, including the recycling of products and product packaging and restrictions on the use of potentially harmful materials in products, have received increased attention in recent years and are likely to play an increasing role in brand management and consumer purchasing decisions. In addition, changes in consumer lifestyle may result in decreasing demand for certain of our products. Our financial position and results of operations might be adversely affected to the extent that such environmental or sustainability concerns, prohibitions or restrictions on disposable packaging and products or changes in consumer preferences reduce demand for our products.

Increased scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance (“ESG”) practices may result in additional costs or risks.

Companies across many industries are facing increasing scrutiny related to their ESG practices. Investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the non-financial impacts of their investments. While our mission is to accelerate the world’s transition to sustainable energy, if our ESG practices do not meet investor or other industry stakeholder expectations, which continue to evolve, we may incur additional costs and our brand, ability to attract and retain qualified employees and business may be harmed.

Government regulations and judicial decisions affecting products we produce or the products contained in the products we produce could significantly reduce demand for our products.

A number of governmental authorities, both in the United States and abroad, have considered, and are expected to consider, legislation aimed at reducing the amount of materials incapable of being recycled or composted. Programs have included, for example, banning or restricting certain types of products, mandating certain rates of recycling and/or the use of recycled materials, imposing deposits or taxes on single-use items (often plastic) and requiring retailers or manufacturers to take back packaging used for their products. Such legislation, as well as voluntary initiatives similarly aimed at reducing the level of single-use packaging waste, could reduce demand for our products. Some consumer products companies, including some of our customers, have responded to these governmental initiatives and to perceived environmental or sustainability concerns of consumers by using only recyclable or compostable containers.

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In addition, changes to health, food and beverage safety regulations could increase costs and may also have a material adverse effect on our sales if, as a result, the public’s attitude towards the end-products for which we provide packaging is substantially affected.

Loss of our key management and other personnel, or an inability to attract new management and other personnel, could impact our business.

We depend on Joseph Funicelli, our Chairman, Chief Executive Officer and President, and other key personnel to operate our business and on our in-house technical experts to develop new products and technologies and to service our customers. The loss of Mr. Funicelli or any of our key personnel could adversely affect our operations. Our success is especially dependent upon continued contributions from Mr. Funicelli, whose leadership, industry reputation, and entrepreneurial background may be difficult to replace at this stage of our business, and the loss of Mr. Funicelli could adversely affect our business plans and results until such time as we could hire a suitable replacement. Competition is intense for qualified employees among companies that rely heavily on engineering and technology, and the loss of qualified employees or an inability to attract, retain and motivate additional highly skilled employees required for the operation and expansion of our business could hinder our ability to successfully conduct research and development activities or develop and support marketable products.

Our capital expenditures may not achieve the desired outcomes or may be achieved at a higher cost than anticipated.

The packaging industry is a capital intensive business. Many of our capital projects are complex, costly and/or implemented over an extended period of time. For example, we intend to use up to $4.5 million from the net proceeds of this offering in order to update equipment and improve productivity in each of our New Jersey and Poland facilities. We also intend to add an additional UniLustre® laminating line in the New Jersey facility.

Adding a new line to one of our manufacturing facilities can be more expensive than we anticipated, or there may be delays in obtaining a new line and having them installed in our facilities. If any of the foregoing occurs, we may experience unanticipated business disruptions, and/or we may not achieve the desired benefits from these capital projects, any of which could adversely affect our results of operations, cash flows and financial condition, and the trading price of our common stock. In addition, disputes between us and contractors who are involved with implementing capital projects could lead to time-consuming and costly litigation.

We could be adversely affected by strikes and other union activity.

We employ members of the United Food & Commercial Workers Union/International Chemical Workers Union Council Local #195T. We are subject to a collective bargaining agreement with the United Food & Commercial Workers Union/International Chemical Workers Union Council Local #195T that expires in November 2023. We may also become subject to additional collective bargaining agreements. A strike by one or more of the unions that provide personnel essential to the manufacturing of our products could delay or halt our ongoing manufacturing activities. Such a halt or delay, depending on the length of time involved, could cause delays in manufacturing and shipment of our product to customers and end-users, thereby adversely affecting our revenues.

If we are unable to develop new products or stay abreast of changing technology in our industry, our profits may decline.

We operate in mature markets that are subject to high levels of competition. Our future performance and growth depends on innovation and our ability to successfully develop or license capabilities to introduce new products and product innovations or enter into or expand into adjacent product categories, sales channels or countries. Our ability to quickly innovate in order to adapt our products to meet changing customer demands is essential, especially in light of ecommerce and direct-to-consumer channels significantly reducing the barriers for even small competitors to quickly introduce new products directly to customers. The development and introduction of new products require substantial and effective research and development and demand creation expenditures, which we may be unable to recoup if the new products do not gain widespread market acceptance.

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In addition, effective and integrated systems are required for us to gather and use consumer data and information to successfully market our products. New product development and marketing efforts, including efforts to enter markets or product categories in which we have limited or no prior experience, have inherent risks, including product development or launch delays. These could result in us not being the first to market and the failure of new products to achieve anticipated levels of market acceptance. If product introductions or new or expanded adjacencies are not successful, costs associated with these efforts may not be fully recouped and our results of operations could be adversely affected. In addition, if sales generated by new products cause a decline in sales of our existing products, our financial condition and results of operations could be materially adversely affected. Even if we are successful in increasing market share within particular product categories, a decline in the markets for such product categories could have a negative impact on our financial results. In addition, in the future, our growth strategy may include expanding our international operations, which could be subject to foreign market risks, including, among others, foreign currency fluctuations, economic or political instability and the imposition of tariffs and trade restrictions, which could adversely affect our financial results.

Our business is subject to frequent and sometimes significant changes in technology, and if we fail to anticipate or respond adequately to such changes, or do not have sufficient capital to invest in these developments, our profits may decline. Our future financial performance will depend in part upon our ability to develop new products and to implement and utilize technology successfully to improve our business operations. We cannot predict all the effects of future technological changes. The cost of implementing new technologies could be significant, and our ability to potentially finance these technological developments may be adversely affected by our debt servicing requirements or our inability to obtain the financing we require to develop or acquire competing technologies.

We may be unsuccessful in making and integrating mergers, acquisitions and investments, and completing divestitures.

We acquired our printing facility in Poland in July 2021, and we may acquire, invest in or sell, or enter into joint ventures with additional companies. We may not be able to identify suitable targets or purchasers or successfully complete suitable transactions in the future, and completed transactions may not be successful. These transactions create risks, including, but not limited to, risks associated with:

•disrupting our ongoing business, including distracting management from our existing businesses;

•integrating acquired businesses and personnel into our business, including integrating information technology systems and operations across different cultures and languages, and addressing the economic, political and regulatory risks associated with specific countries;

•working with partners or other ownership structures with shared decision-making authority;

•obtaining and verifying relevant information regarding a business prior to the consummation of the transaction, including the identification and assessment of liabilities, claims or other circumstances that could result in litigation or regulatory risk exposure;

•obtaining required regulatory approvals and/or financing on favorable terms;

•retaining key employees, contractual relationships or customers;

•the potential impairment of assets and goodwill;

•the additional operating losses and expenses of businesses we acquire or in which we invest;

•incurring substantial indebtedness to finance an acquisition or investment;

•implementing controls, procedures and policies at companies we acquire; and

•the dilution of interests of holders of our common stock through the issuance of equity securities.

Mergers, acquisitions and investments may not be successful and may adversely affect our results of operations, cash flows and financial condition, and the trading price of our common stock. Among the benefits we expect from potential, as well as completed, acquisitions and joint ventures are synergies, cost savings, growth opportunities or access to new markets (or a combination thereof), and in the case of divestitures, the realization of proceeds

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from the sale of businesses and assets to purchasers that place higher strategic value on these businesses and assets than we do. For acquisitions, our success in realizing these benefits and the timing of realizing them depend on the successful integration of the acquired businesses and operations with our business and operations. Even if we integrate these businesses and operations successfully, we may not realize the full benefits we expected within the anticipated timeframe, or at all, and the benefits may be offset by unanticipated costs or delays.

We may not be successful in obtaining, maintaining and enforcing our intellectual property rights, including our unpatented proprietary knowledge and trade secrets, or in avoiding claims that we infringed on the intellectual property rights of others.

In addition to relying on the intellectual property rights granted under the laws of the United States and other jurisdictions, we rely on unpatented proprietary knowledge and trade secrets and employ various methods, including confidentiality agreements with employees and third parties, to protect our knowledge and trade secrets. However, while we believe that relying on our unpatented proprietary knowledge and trade secrets does not pose a material risk to us, these precautions and our trademarks may not afford complete protection against infringement, misappropriation or other violation of our rights by third parties, and there can be no assurance that others will not independently develop the knowledge protected by our trade secrets or develop products that compete with ours despite not infringing, misusing or otherwise violating our intellectual property rights.

We believe that we have sufficient intellectual property rights to allow us to conduct our business without incurring liability to third parties. However, we or our products may nonetheless infringe on the intellectual property rights of third parties, or we may determine in the future that we require a license or other rights to intellectual property rights held by third parties. Such a license or other rights may not be available to us on commercially reasonable terms or at all, in which case we may be prevented from using, providing or manufacturing certain products, services or brands as we see fit. In addition, we may be subject to claims asserting infringement, misappropriation or other violation of third parties’ intellectual property rights seeking damages, the payment of royalties or licensing fees and/or injunctions against the sale of our products or other aspects of our business. If we are found to have infringed, misused or otherwise violated the intellectual property rights of others, we could be forced to pay damages, cease use of such intellectual property rights or, if we are given the opportunity to continue to use the intellectual property rights of others, we could be required to pay a substantial amount for continued use of those rights. Even if we are not found to infringe, misappropriate, or otherwise violate a third party’s intellectual property rights, we could incur material expense to defend against such claims and we could incur significant costs associated with discontinuing to use, provide or manufacture certain products, services or brands, and such defense could be protracted and costly regardless of its outcome. Any of the foregoing could have a material adverse effect on our business and results of operations.

Furthermore, we cannot be certain that the intellectual property rights we do obtain and rely on will not be challenged or invalidated in the future. In the event of such a challenge, we could incur significant costs to defend our rights, even if we are ultimately successful. We also may not be able to prevent current and former employees, contractors and other parties from breaching confidentiality agreements and misappropriating trade secrets or other proprietary information. It is possible that third parties may copy or otherwise obtain and use our information and proprietary technology without authorization or otherwise infringe on our intellectual property rights. Infringement of our intellectual property rights may adversely affect our results of operations and make it more difficult for us to establish a strong market position in countries which may not afford adequate protection of intellectual property rights. Furthermore, others may develop technologies that are similar or superior to our technologies, duplicate our technologies or design around our proprietary processes, and steps taken by us to protect our technologies may not prevent infringement or misappropriation of such technologies. Additionally, we have licensed, and may license in the future, patents, trademarks, copyrights, trade secrets and other intellectual property rights to third parties. While we attempt to ensure that our intellectual property rights are protected when entering into business relationships, third parties may take actions that could materially and adversely affect our rights or the value of our intellectual property rights or reputation. If necessary, we also rely on litigation to enforce our intellectual property rights and contractual rights, and, if not successful, we may not be able to protect the value of our intellectual property rights. Any litigation could be protracted and costly and could have a material adverse effect on our business and results of operations regardless of its outcome.

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Risks Related to this Offering and Ownership of Our Common Stock

Our executive officers and directors, and their affiliated entities, own a significant percentage of our stock and will be able to exert significant control over matters subject to shareholder approval and may take actions that may not be in the best interests of other shareholders.

Our executive officers and directors, together with entities affiliated with such individuals, currently beneficially own approximately 21.6% of our common stock. Following this offering, our executive officers and directors, together with entities affiliated with such individuals, will beneficially own approximately 24.1% of our common stock (approximately 23.4% if the underwriters’ overallotment option is exercised in full). Accordingly, our executive officers and directors will, as a practical matter, continue to be able to significantly influence the direction of our company, including the election of a majority of our directors and the determination of all corporate actions after this offering. This concentration of ownership could delay or prevent a change in control of our company. This concentration of ownership may not be in the best interests of all of our shareholders.

Additionally, Raghunathan Sarma, a former director of our company, currently beneficially owns approximately 60.5% of our common stock. Following this offering, he will beneficially own approximately 38.8% of our common stock. Accordingly, should he join with our executive officers and directors, they will be able to control the outcome of any matter requiring shareholder approval, including the election of our directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger or sale of substantially all of our assets.

Our failure to meet the continued listing requirements of the NYSE American could result in a delisting of our common stock and could make it more difficult to raise capital in the future.

NYSE has listing requirements for inclusion of securities for trading on the NYSE American, including minimum levels of shareholders’ equity, market value of publicly held shares, number of public shareholders and stock price. There can be no assurance that we will be successful in maintaining our listing on the NYSE American as it is possible that we may fail to satisfy the continued listing requirements, such as the corporate governance requirements or the minimum stock price requirement. If we fail to satisfy the continued listing requirements, the NYSE American may take steps to delist our common stock. Such a delisting, or the announcement of such delisting, will have a negative effect on the price of our common stock and would impair your ability to sell or purchase our common stock when you wish to do so. In the event of a delisting, we may attempt to take actions to restore our compliance with the NYSE American listing requirements, but we can provide no assurance that any such action taken by us would allow our common stock to become listed again, stabilize the market price or improve the liquidity of our common stock, prevent our common stock from dropping below the NYSE American minimum listing requirements or prevent future non-compliance with the NYSE American listing requirements. If we do not maintain the listing of our common stock on the NYSE American, it could make it harder for us to raise additional capital in the long-term. If we are unable to raise capital when needed in the future, we may have to cease or reduce operations.

The price of our common stock may be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our common stock in this offering.

Our common stock price is likely to be volatile. The stock market has experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, you may not be able to sell your common stock at or above the initial public offering price. The market price for our common stock may be influenced by many factors, including:

•the success of competitive products or technologies;

•regulatory or legal developments in the United States,

•the recruitment or departure of key personnel;

•actual or anticipated changes in our development timelines;

•our ability to raise additional capital;

•disputes or other developments relating to proprietary rights, litigation matters and our ability to obtain patent protection for our product candidates in the future should we choose to do so;

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•significant lawsuits, including shareholder litigation;

•variations in our financial results or those of companies that are perceived to be similar to us;

•general economic, industry and market conditions; and

•the other factors described in this “Risk Factors” section.

If our quarterly operating results fall below the expectations of investors or securities analysts, the price of our common stock could decline substantially. Furthermore, any quarterly fluctuations in our operating results may, in turn, cause the price of our stock to fluctuate substantially. We believe that quarterly comparisons of our financial results are not necessarily meaningful and should not be relied upon as an indication of our future performance.

In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation often has been instituted against that company. Such litigation, if instituted against us, could cause us to incur substantial costs to defend such claims and divert management’s attention and resources.

Because we do not expect to pay dividends for the foreseeable future, investors seeking cash dividends should not purchase shares of common stock.

We have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings, if any, to finance the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future. Our payment of any future dividends will be at the discretion of our Board of Directors after taking into account various factors, including but not limited to our financial condition, operating results, cash needs, growth plans and the terms of any credit agreements that we may be a party to at the time. Accordingly, investors seeking cash dividends should not purchase our shares.

If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.

The trading market for our common stock will rely, in part, on the research and reports that industry or financial analysts publish about us or our business. We do not currently have, and may never obtain, research coverage by industry or financial analysts. If no, or few, analysts commence coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst coverage, if one or more of the analysts covering our business downgrade their evaluations of our stock, the price of our stock could decline. If one or more of these analysts cease to cover our stock, we could lose visibility in the market for our stock, which in turn could cause our stock price to decline.

An active trading market for our common stock may not develop.

Prior to this offering, no public market has existed for our common stock. The initial public offering price for our common stock will be determined through negotiations with the underwriter. Although this offering will not commence without the approval for the trading of our common stock on NYSE American, an active trading market for our shares may never develop or be sustained following this offering. If an active market for our common stock does not develop, it may be difficult for you to sell shares you purchase in this offering without depressing the market price for the shares, or at all. An inactive market may also impair our ability to raise capital by selling our common stock and may impair our ability to expand our business by using our common stock as consideration in an acquisition.

We may be subject to additional regulatory burdens resulting from our public listing.

We are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial management control systems to manage our obligations as a public company listed on the NYSE American. These areas include corporate governance, corporate controls, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal controls over financial reporting. However, we cannot assure holders of our common stock that these and other measures that we might take will be sufficient to allow us to satisfy our obligations as a public company listed on the NYSE American on a timely basis. In addition, compliance with reporting and other requirements applicable to public companies listed on the NYSE American will create

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additional costs for us and will require the time and attention of management. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the impact that management’s attention to these matters will have on our business.

We will have discretion in the application of the net proceeds from this offering.

We currently intend to allocate the net proceeds received from the offering as described under “Use of Proceeds.” However, we will have discretion in the actual application of such net proceeds, and may elect to allocate net proceeds differently from that described under “Use of Proceeds” if determined by the board of directors of our company to be in our best interests to do so. Shareholders may not agree with the manner in which the Board of Directors and management choose to allocate and spend the net proceeds. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations and prospects.

We may sell additional common stock or other securities that are convertible or exchangeable into common stock in subsequent offerings or may issue additional common stock or other securities to finance future acquisitions.

We cannot predict the size or nature of future sales or issuances of securities or the effect, if any, that such future sales and issuances will have on the market price of the common stock. Sales or issuances of substantial numbers of common stock or other securities that are convertible or exchangeable into common stock, or the perception that such sales or issuances could occur, may adversely affect prevailing market prices of the common stock. With any additional sale or issuance of common stock or other securities that are convertible or exchangeable into common stock, investors will suffer dilution to their voting power and economic interest in our company. Furthermore, to the extent holders of any stock options or other convertible securities convert or exercise their securities and sell the common stock they receive, the trading price of the common stock may decrease due to the additional amount of common stock available in the market.

We are an emerging growth company and a smaller reporting company and intend to take advantage of reduced disclosure requirements applicable to emerging growth companies, which could make the common stock less attractive to investors.

We are an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012. We will remain an EGC until the earliest to occur of (i) the last day of the fiscal year in which it has total annual gross revenue of $1.235 billion or more; (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common stock pursuant to the registration statement; (iii) the date on which it has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; or (iv) the date it qualifies as a “large accelerated filer” under the rules of the SEC, which means the market value of the common stock held by non-affiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter after it has been a reporting company in the United States for at least 12 months. For so long as we remain an EGC, it is permitted to and intends to rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not EGCs. These exemptions include not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act (“SOX”).

We may take advantage of some, but not all, of the available exemptions available to EGCs. We cannot predict whether investors will find the common stock less attractive if it relies on these exemptions. If some investors find the common stock less attractive as a result, there may be a less active trading market for the common stock and the price of the common stock may be more volatile.

We are also a smaller reporting company, as defined in Rule 405 promulgated under the Securities Act (“SRC”). As an SRC, our company intends to utilize certain reduced disclosure requirements, including publishing two years of audited financial statements instead of three years, as required for companies that do not qualify as an SRC. Our company will remain an SRC until the last day of the fiscal year in which it had (i) a public float that exceeded $250 million or (ii) annual revenues of more than $100 million and a public float that exceeded $700 million. To the extent our company takes advantage of such reduced disclosure obligations, it may make comparison of its financial statements to those of other public companies difficult or impossible.

After our company ceases to be an SRC, it is expected to incur additional management time and cost to comply with the more stringent reporting requirements applicable to companies that are accelerated filers or large accelerated filers, including complying with the auditor attestation requirements of Section 404 of SOX.

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General Risk Factors

War, terrorism, other acts of violence or natural or manmade disasters such as the COVID-19 pandemic and associated responses could adversely impact our business and results of operations.

Our business and supply chain may be adversely affected by instability, disruption or destruction in a geographic region in which it operates, regardless of cause, including war, terrorism, riot, civil insurrection or social unrest, and natural or manmade disasters, including famine, food, fire, earthquake, storm or pandemic events and spread of disease (including the outbreak of COVID-19).

The COVID-19 pandemic has significantly impacted economic activity and markets throughout the world. The pandemic and the measures instituted by governmental authorities and associated responses to the COVID-19 pandemic could adversely impact our business and results of operations in a number of ways, including but not limited to:

•impacts on our operations, including total or partial shutdowns of one or more of our manufacturing, warehousing or distribution facilities, including but not limited to, as a result of illness, government restrictions or other workforce disruptions;

•the failure of third parties on which we rely, including but not limited to those that supply our raw materials and other necessary operating materials, co-manufacturers and independent contractors, to meet their obligations to us, or significant disruptions in their ability to do so;

•a strain on our supply chain, which could result from continued increased retailer and consumer demand for our products;

•a disruption to our distribution capabilities or to our distribution channels, including those of our suppliers, manufacturers, logistics service providers or distributors;

•new or escalated government or regulatory responses in markets in which we manufacture, sell or distribute our products, or in the markets of third parties on which we rely, which could prevent or disrupt our business operations;

•higher employee compensation costs, as well as incremental costs associated with newly added health screenings, temperature checks and enhanced cleaning and sanitation protocols to protect our employees;

•significant reductions or volatility in demand for one or more of our products, which may be caused by, among other things: lower customer demand as a result of the temporary inability of consumers to purchase items that use our products due to illness, quarantine or other travel restrictions, or financial hardship; customers modifying their inventory, fulfillment or shipping practices; governmental restrictions and business closings; or pantry-loading activity or other changes in buying patterns;

•a disruption or delay in executing our strategic capital initiatives, due to travel restrictions and/or health and safety concerns limiting access to our sites; and

•local, regional, national or international economic slowdowns.

The ultimate impact depends on the severity and duration of the current COVID-19 pandemic and actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict. Any of these disruptions could adversely impact our business and results of operations. In addition, these and other impacts of the COVID-19 pandemic could have the effect of heightening many of the other risk factors disclosed in this prospectus.

Currency exchange rate fluctuations could adversely affect our results of operations.

Our business is exposed to fluctuations in exchange rates. Although our reporting currency is U.S. dollars, we also operate in Poland and transact in a range of currencies in addition to U.S. dollars. In addition, we are exposed to exchange rate risk as a result of sales, purchases, assets and borrowings (including intercompany borrowings) that are denominated in currencies other than the functional currency of the respective entities. Where possible, we try to minimize the impact of exchange rate fluctuations by transacting in local currencies so as to create natural hedges. There can be no assurance that we will be successful in protecting against these risks. Under certain circumstances in

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which we are unable to naturally offset our exposure to these currency risks, we may enter into derivative transactions to reduce such exposures. Nevertheless, exchange rate fluctuations may either increase or decrease our net revenues and expenses as reported in U.S. dollars. Given the volatility of exchange rates, we may not be able to manage our currency transaction risks effectively, and volatility in currency exchange rates may materially adversely affect our financial condition or results of operations.

Our insurance may not adequately protect us against business and operating risks.

We maintain insurance for some, but not all, of the potential risks and liabilities associated with our business. For some risks, we may not obtain insurance if we believe the cost of available insurance is excessive in relation to the risks presented. As a result of market conditions, premiums and deductibles for certain insurance policies can increase substantially, and in some instances, certain insurance policies are economically unavailable or available only for reduced amounts of coverage. For example, we are not fully insured against all risks associated with pollution, contamination and other environmental incidents or impacts. Moreover, we may not be able to maintain adequate insurance in the future at rates we consider reasonable or to obtain or renew insurance against certain risks. We maintain a high deductible or self-insured retention on many of the risks that we do insure, and we would bear the cost or loss to the extent of the high deductible and self-insured retention. Any significant uninsured liability, or our high deductible or self-insured retention, may require us to pay substantial amounts which would adversely affect our cash position and results of operations.

Breaches of our information systems security measures could disrupt our internal operations.

We depend on information technology for processing and distributing information in our business, including to and from our customers and suppliers. This information technology is subject to theft, damage or interruption from a variety of sources, including malicious computer viruses, security breaches, defects in design, natural disasters, terrorist attacks, power and/or telecommunication failures, employee malfeasance or human or technical errors. Additionally, we can be at risk if a customer’s or supplier’s information technology system is attacked or compromised.

Cybersecurity incidents have increased in number and severity, and it is expected that these trends will continue. We have taken measures to protect our data and to protect our computer systems from attack but these measures may not prevent unauthorized access to our systems or theft of our data. If we or third parties with whom we do business were to fall victim to cyber-attacks or experience other cybersecurity incidents, such incidents could result in unauthorized access to, disclosure or loss of or damage to company, customer or other third party data; theft of confidential data including personal information and intellectual property; loss of access to critical data or systems; and other business delays or disruptions. If these events were to occur, we may incur substantial costs or suffer other consequences that negatively impact our operations and financial results.

Cyberattacks, security, privacy, or data breaches or other security incidents that affect our networks or systems, or those of our service providers, involving our or our customers’ sensitive, personal, classified or confidential information could expose us to liability under various laws and regulations across jurisdictions, decrease trust in us and our products and services, increase the risk of litigation and governmental investigation, and harm to our reputation, business, and financial condition.

Threats to network and data security are constantly evolving and becoming increasingly diverse and sophisticated. Our products and services, as well as our servers and computer systems and those of third parties that we rely on in our operations could be vulnerable to cybersecurity risks. As such, we may be subject to risks inherent to companies that process personal data. An increasing number of organizations have disclosed breaches of their information security systems, some of which have involved sophisticated and highly targeted attacks.

We implement measures to protect sensitive and personal data in accordance with our contracts, data protection laws and consumer laws. However, we may be subject to data breaches involving factors beyond its control, including data breach incidents suffered by third parties with which we contract or interact. Any technical problems that may arise in connection with our data and systems, including those that are hosted by third-party providers, could result in interruptions to our business and operations or exposure to security vulnerabilities. These types of problems may be caused by a variety of factors, including infrastructure changes, intentional or accidental human actions or omissions, software errors, malware, viruses, security attacks, fraud, spikes in customer usage and denial of service issues. From time to time, large third-party web hosting providers may experience outages or other problems that would result in their systems being offline and inaccessible, which could materially impact our business and operations.

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The secure processing, storage, maintenance and transmission of critical customer and business information are vital to our operations and our business strategy, and although we devote significant resources to protecting such information and take what we believe to be reasonable and appropriate measures to protect sensitive information from compromises such as unauthorized access, disclosure, or modification or lack of availability, our information technology and infrastructure may be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance or other disruptions. Although we maintain, and is in the process of improving, internal access control mechanisms and other security measures to ensure secure and appropriate access to and storage and use of our sensitive, business, personal, financial or confidential information by anyone including our employees, contractors and consultants, these mechanisms may not be entirely effective or fully complied with internally. We may in the future identify data protection issues requiring remediation and updates to our data security measures and compliance functions. Any misappropriation of sensitive information could harm our relationship with customers and cause us to incur financial liability and reputational harm. If any person, including any of our employees, improperly breaches our network security or otherwise mismanages or misappropriates sensitive data, we could be subject to regulatory actions and significant fines or lawsuits for breaching contractual confidentiality or data protection provisions, which could result in negative publicity, legal liability, loss of customers and damage to our reputation.

Because the techniques used by an individual or a group to obtain unauthorized access, make unwarranted alteration to our data, disable or degrade services, or sabotage systems are often complex, not easily recognizable and evasive, We may not be able to anticipate these techniques and implement adequate preventative measures. Such individuals or groups may be able to circumvent our security measures (including, but not limited to, through the deployment of harmful phishing attacks, malware infection, ransomware, system intrusion, misuse of systems, website defacement, social engineering and denial of service attacks) and may improperly access or misappropriate confidential, proprietary, or sensitive information held by us or on our behalf, disrupt our operations, damage our computers, or otherwise damage our business. Although we have developed or deployed systems and processes that are designed to protect our servers, platform and data, including sensitive data, we cannot guarantee that such measures will be effective at all times. Our efforts may be hindered due to, for example:

•government surveillance, regulatory requirements or other external events;

•software bugs or other technical errors or issues;

•errors or misconduct of employees, contractors or others;

•the rapidly evolving threat landscape; and

•inadequate or failed internal processes or business practice.

While we invest resources to protect against or remediate cybersecurity threats or breaches, or to mitigate the impact of any breaches or threats, we may still be subject to potential liability in connection therewith. Actual or perceived breaches of our security could subject us to regulatory investigations and orders, litigation, indemnity obligations, damages, penalties, fines and other costs in connection with actual and alleged contractual breaches, violations of applicable laws and regulations and other liabilities. Any such incident could also materially damage our reputation and harm our business, results of operations and financial condition. Any of the foregoing could subject us to fines, scrutiny and legal actions, which could materially and adversely affect our business, financial condition, results of operations and prospects.

We may be subject to physical, operational and financial risks associated with climate change.

Our physical assets and infrastructure may be subject to risks from volatile and damaging weather patterns. For example, extreme, weather-related events, such as hurricanes, tornados, extreme storms, wildfires, and floods, could result in physical damage to our facilities and lost production. Unpredictable weather patterns also may result in supply chain disruptions and increased material costs. The ability to harvest the virgin fiber used in our manufacturing operations may be limited, and prices for this raw material may fluctuate, during prolonged periods of heavy rain or during tree disease or insect epidemics that may be caused by variations in climate conditions. Other climate-related business risks that we face include risks related to the transition to a lower-carbon economy, such as increased prices for certain fuels, including natural gas; the introduction of a carbon tax; increased regulations; and more stringent and/or complex environmental and other permitting requirements. To the extent that climate-related risks materialize, and we are unprepared for them, we may incur unexpected costs, which could have a material effect on our financial results of operations.

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INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This prospectus includes forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe,” “estimate,” “project,” “anticipate,” “expect,” “seek,” “predict,” “continue,” “possible,” “intend,” “may,” “might,” “will,” “could,” would” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this prospectus and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our products, product development, prospects, strategies, the industry in which we operate and potential acquisitions. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this prospectus may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Forward-looking statements speak only as of the date of this prospectus. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. All forward-looking statements are based upon information available to us on the date of this prospectus. Important factors that could cause our results to vary from expectations include, but are not limited to:

•our expenses, future revenue, capital requirements and need for and ability to obtain additional financing;

•changes in senior management, loss of one or more key personnel or our inability to attract, hire, integrate and retain highly skilled personnel;

•our ability to avoid and defend against intellectual property infringement, misappropriation and other claims including breaches of security of confidential information;

•general economic conditions and events, such as the COVID-19 pandemic, the Russia/Ukraine conflicts, and bank defaults and closures, and the impact they may have on us, including increases in inflation rates and rates of interest, supply chain challenges, and increased costs for material and labor;

•our competition and market development; and

•the impact of laws and regulations on our operations.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition, business and prospects may differ materially from those made in or suggested by the forward-looking statements contained in this prospectus. In addition, even if our results of operations, financial condition, business and prospects are consistent with the forward-looking statements contained in this prospectus, those results may not be indicative of results in subsequent periods.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with. Forward-looking statements necessarily involve risks and uncertainties, and our actual results could differ materially from those anticipated in the forward-looking statements due to a number of factors, including those set forth below under “Risk Factors” and elsewhere in this prospectus. The factors set forth below under “Risk Factors” and other cautionary statements made in this prospectus should be read and understood as being applicable to all related forward-looking statements wherever they appear in

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this prospectus. The forward-looking statements contained in this prospectus represent our judgment as of the date of this prospectus. We caution readers not to place undue reliance on such statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this prospectus.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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USE OF PROCEEDS

We plan on using the net proceeds from this offering to expand our two facilities through additional lines of operation, enhance our research and product development, increase our product marketing and promotion, seek additional sales channels, and fund potential acquisitions of other consumer packaging companies, with the remaining proceeds to be used for working capital and general corporate purposes, including capital expenditures for facility improvements. We expect to receive net proceeds from this offering of 3,000,000shares of common stock to be approximately $12.95 million, or approximately $15.2 million if the underwriters exercise their option to purchase additional shares of common stock in full, assuming an initial public offering price of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Use of Net Proceeds	Amount		Percent
Enhance our product manufacturing capabilities(1)	$	5,700,000	%
Expand our New Jersey and Poland facilities by adding additional lines of operation	$	4,500,000	%
Fund potential acquisitions of other packaging companies	$	1,500,000	%
Increase our marketing and promotion and seek additional sales channels	$	500,000	%
Working capital and other corporate purposes	$	750,000	%

____________

(1)Includes, but is not limited to, an upgrade to one of our laminators in Poland to facilitate our UniLustre manufacturing, installation of a new laminator in our U.S. facility, a chiller replacement for our U.S. facility, additional employees to operate our machinery, implementation of updated computer software and construction for the relocation of a new lab. As of the date of this prospectus, we have no binding agreements to acquire any of the foregoing items.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with complete certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the actual amounts that we will spend on the uses set forth above. Currently we have no binding acquisition agreements.

Each $1.00 increase or decrease in the assumed initial public offering price of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds that we receive from this offering by approximately $____, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions payable by us.

The amounts and timing of our actual expenditures will depend on numerous factors, including the progress of our business growth strategy and the scale achieved by our sales and marketing team, as well as the amount of cash used in our operations. We therefore cannot estimate with certainty the amount of net proceeds to be used for the purposes described above. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad discretion in the application of the net proceeds.

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DIVIDEND POLICY

We have not declared or paid any cash dividends on our capital stock since our inception. We intend to retain future earnings, if any, to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.

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CAPITALIZATION

The following table sets forth our cash and cash equivalents and our capitalization as of March 31, 2023 as follows:

•on an actual basis;

•on a pro forma basis, reflecting the conversion of the Convertible Notes into 181,820shares of common stock and the issuance of 73,334shares of common stock to Mitchell Silberberg & Knupp LLP as compensation for services rendered to the Company; and

•on a pro forma, as adjusted basis to give effect to the pro forma transactions listed above and the sale of 3,000,000shares of common stock in this offering, assuming an initial public offering price of $5.00 per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting the underwriting discounts and commissions and estimated offering expenses payable by us (assuming no exercise of the underwriters’ over-allotment option).

The information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering as determined at pricing. You should read the following information together with the information contained under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes appearing at the end of this prospectus.

	Actual			As of March 31, 2023
				Pro Forma			Pro Forma, As Adjusted
Cash and cash equivalents(1)	$	1,002,324		$	1,002,324		$	13,952,324
Liabilities:
Long-term debt	$	22,646,713		$	22,146,713		$	22,146,713
Stockholders’ equity:
Common stock, $0.001 par value per share; 100,000,000 shares authorized and 10,302,126 shares issued and outstanding; 100,000,000 shares authorized and 10,557,280 shares issued and outstanding – pro forma; and 100,000,000 shares authorized, 13,557,280 shares issued and outstanding – pro forma, as adjusted	$	10		$	11		$	14
Preferred stock, par value $0.001 per share: 10,000,000 shares authorized; 0 shares issued and outstanding;	$	—		$	—		$	—
Treasury stock, at cost (41,600 shares at $.12)	$	(4,992	)	$	(4,992	)	$	(4,992	)
Additional paid-in capital	$	8,623,175		$	9,123,174		$	24,123,171
Accumulated other comprehensive loss	$	(22,462	)	$	(22,462	)	$	(22,462	)
Accumulated deficit	$	(12,742,416	)	$	(12,742,416	)	$	(14,792,416	)
Total stockholders’ equity (deficit)	$	(4,146,685	)	$	(3,646,685	)	$	9,303,315
Total capitalization	$	18,500,028		$	18,500,028		$	31,450,028

____________

(1)The cash and cash equivalents balances of the actual and pro forma columns both include gross proceeds of $500,000 from the Bridge Financing since such proceeds were recorded as of the closing of the Bridge Financing in December 2022. The cash and cash equivalents balance of the pro forma, as adjusted column gives effect to the sale of 3,000,000shares of our common stock in this offering at the assumed initial public offering price of $5.00 per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting the underwriting discount and estimated offering expenses payable by us, from which we expect to receive net proceeds of approximately $12,950,000.

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DILUTION

If you purchase shares of our common stock offered in this prospectus, your ownership interest will be diluted to the extent of the difference between the assumed initial public offering price in this offering of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and the adjusted net tangible book value per share of our common stock upon consummation of this offering. As of March 31, 2023, we had a historical net tangible book value of $(4,146,685) or $(0.40) per share of common stock. Our historical net tangible book value per share represents the book value of our total tangible assets less the book value of our total liabilities divided by the number of shares of common stock then issued and outstanding.

Our pro forma net tangible book value, as of March 31, 2023, was $(3,646,685), or $(0.35) per share of our common stock. Pro forma net tangible book value represents the amount of our total tangible assets less our total liabilities, after giving effect to the conversion of the Convertible Notes into 181,820shares of common stock and the issuance of 73,334shares in May 2023 to our legal counsel in partial consideration for legal services provided to us in connection with this offering. Pro forma net tangible book value per share represents pro forma net tangible book value divided by the total number of shares outstanding, as of March 31, 2023, after giving effect to the pro forma adjustments described above.

After giving further effect to our sale of 3,000,000shares of common stock in each share in this offering, at an assumed initial public offering price of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma, as adjusted net tangible book value as of March 31, 2023 would have been $9,303,315 or $0.69 per share (assuming no exercise of the underwriters’ option to purchase additional shares of our common stock). This represents an immediate and substantial dilution of $4.28 per share to new investors purchasing common stock in this offering. The following table illustrates this dilution per share:

Assumed initial public offering price per share				$	5.00
Net tangible book value per shares as of March 31, 2023	$	(0.40	)
Increase per share attributable to the pro forma adjustment described above	$	0.05
Pro forma net tangible book value per share as of March 31, 2023				$	(0.35	)
Increase in pro forma, as adjusted net tangible book value per share attributable to investors purchasing shares of common stock in this offering	$	1.07
Pro forma, as adjusted net tangible book value per share after giving effect to this offering				$	0.69
Dilution per share to new investors in this offering				$	4.31

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering.

A $1.00 increase (decrease) in the assumed initial public offering price of $5.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma, as adjusted net tangible book value per share after this offering and dilution per share to investors purchasing common stock in this offering by $0.20, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters exercise their over-allotment option in full to purchase additional shares of common stock, the pro forma, as adjusted net tangible book value per share after the offering would be $0.80 per share, assuming an initial public offering price of $5.00 per share, which is the midpoint of the price range on the cover page of this prospectus.

	Shares purchased			Total consideration
	Number	Percent		Amount		Percentage
Existing stockholders	10,557,280	77.9	%	$	9,703,203		39.3	%
Investors in this offering	3,000,000	22.1	%	$	15,000,000		60.7	%
Total	13,557,280