SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-41454
GigaCloud Technology Inc
118 Brea Canyon Road
Walnut, CA 91789, USA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 10, 2023
|GigaCloud Technology Inc|
|By:||/s/ Larry Lei Wu|
|Name:||Larry Lei Wu|
|Title:||Chairman of the Board of Directors and|
|Chief Executive Officer|
GigaCloud Technology Inc Announces Changes to its Board of Directors
WALNUT, Calif., August 10, 2023 (GLOBE NEWSWIRE) 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 changes to the composition of its board of directors (the Board).
Mr. Xin Wan, who served as the Companys executive director, and Mr. Kainan Qian, who served as the Companys non-executive director, have each resigned as a director of the Board, effective August 16, 2023. Mr. Wan will continue to serve as the Companys chief technology officer.
Mr. Thomas Liu and Mr. Binghe Guo, who served as the Companys independent directors, will retire from the Companys Board effective on August 16, 2023 when their terms of office expire.
The Board would like to express its sincere gratitude and appreciation to Mr. Wan, Mr. Qian, Mr. Liu and Mr. Guo for their contribution to the Company during their tenure of service in the Board.
On August 10, 2023, the Board appointed each of Mr. Jan (John) William Visser and Mrs. Lorri Kelley to serve as a director of the Board. Each of Mr. Visser and Mrs. Lorri Kelley was also appointed to serve on the Audit Committee, the Nominating and Corporate Governance Committee and the Compensation Committee of the Board. Each of Mr. Visser and Mrs. Lorri Kelley will receive compensation in accordance with the Companys compensation arrangements for independent directors.
Mr. Visser is the Vice President of Global Logistics for doTERRA International since August 2018. Previously, he worked at Walmart, Inc. for almost 19 years where he had various responsibilities, including his last role as a vice president leading teams to provide strategic direction, talent development, process efficiency expertise and cost reduction support to Walmarts international markets. Mr. Visser has also served on Brigham Young Universitys Global Supply Chain Advisory Board since 2011. Mr. Visser received his bachelors degree in Spanish Translation from Brigham Young University in 1992 and his MBA from the Thunderbird School of Global Management in 1996.
Mrs. Kelley is an established business executive, and in 2018 she founded Lorri Kelley Advisors, Inc., a strategic consulting firm providing services and guidance for manufacturers, retailers and a variety of service companies throughout the home and furniture industry. She has over 30 years of experience, serving in multiple executive roles, including President of BDI Furniture, Executive Vice President of Palliser Furniture, President and Chief Operating Officer for Home Elements, Chief Commercial Officer of Handy Living and Chief Sales and Marketing Officer at UNITERS North America. Mrs. Kelley is involved in all facets of the furniture industry, serving on the board of directors for City of Hope, WithIt and Klaussner Furniture. She received a Marketing and Merchandising Degree from Johnson County College in 1982.
We are pleased to welcome John and Lorri to our Board. Both carry deep industry expertise, and are well qualified to provide GigaCloud with fresh insight and diverse viewpoints on the business. We are thrilled to have them join, and look forward to starting our work together, said Larry Wu, Founder, Chairman of the Board of Directors, and Chief Executive Officer of GigaCloud. I also want to thank Mr. Wan, Mr. Qian, Mr. Liu and Mr. Guo for their service over the past year. We appreciate your hard work and wish you all the best moving forward.
Following the above changes to the composition of the Board, the Board will comprise five directors, three of whom are independent.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise. The Companys 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 Companys 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 manufacturers warehouse to the end customers 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 Companys website: https://investors.gigacloudtech.com/.
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 Companys 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 Companys registration statement and other filings with the SEC.
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GigaCloud Technology Inc