GigaCloud Technology Inc Announces It Ceases to Qualify as a Foreign Private Issuer
03 Juli 2023 - 12:00PM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced that, in accordance
with the definition of “foreign private issuer” in Rule 405 under
the United States Securities Act of 1933, as amended (the
“Securities Act”), and Rule 3b-4 under the United States Securities
Exchange Act of 1934, as amended (the “Exchange Act”) which require
a foreign company to determine its status as a foreign private
issuer on an annual basis, as of the end of its second fiscal
quarter, the Company has determined that it has ceased to qualify
as a “foreign private issuer” as of June 30, 2023, being the last
business day of its most recently completed second fiscal quarter.
Once an issuer fails to qualify for foreign private issuer status
it will remain unqualified unless it meets the requirements for
foreign private issuer status as of the last business day of its
second fiscal quarter. Accordingly, the Company will not be able to
use the forms and rules designated for foreign private issuers
after December 31, 2023, being the final day of the Company’s
current fiscal year.
Starting on January 1, 2024, the Company will be
subject to the same reporting and disclosure requirements
applicable to domestic U.S. companies, and the Company will be
required to file periodic reports and financial statements prepared
in accordance with United States generally accepted accounting
principles with the SEC on Form 10-K and Form 10-Q, as applicable,
as well as filing current reports on Form 8-K.
About GigaCloud Technology
Inc
GigaCloud Technology Inc is a pioneer of global
end-to-end B2B ecommerce solutions for large parcel merchandise.
The Company’s B2B ecommerce platform, which it refers to as the
“GigaCloud Marketplace,” integrates everything from discovery,
payments and logistics tools into one easy-to-use platform. The
Company’s global marketplace seamlessly connects manufacturers,
primarily in Asia, with resellers, primarily in the U.S., Asia and
Europe, to execute cross-border transactions with confidence, speed
and efficiency. The Company offers a truly comprehensive solution
that transports products from the manufacturer’s warehouse to the
end customer’s doorstep, all at one fixed price. The Company first
launched its marketplace in January 2019 by focusing on the global
furniture market and has since expanded into additional categories
such as home appliances and fitness equipment. For more
information, please visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
GigaCloud Technology Inc
Investor RelationsEmail:
investor.relations@gigacloudtech.com
ICR
Ryan GardellaEmail: GigacloudIR@icrinc.com
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