UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2024
Commission File Number: 001-41872
DDC Enterprise Limited
Room 1601-1602, 16/F, Hollywood Centre
233 Hollywood Road
Sheung Wan, Hong Kong
+ 852-2803-0688
(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 ☐
Information Contained in this Form 6-K Report
When used in this Form 6-K, unless otherwise indicated, the term “Company,” refers to DDC Enterprise Limited.
On June 24, 2024, Jeffrey S. Ervin was appointed as the Company’s Co-Chief Financial Officer pursuant to an employment agreement which provides an annual base salary of $240,000 and an initial grant of an option to purchase 100,000 of the Company’s Class A Ordinary Shares subject to the terms of the Company’s 2023 Employee Share Option Plan, which vests quarterly over four years so long as Mr. Ervin remains employed by the Company and with an exercise price equal to fair market value of the Class A Ordinary Shares on the date of grant which was $1.14 per share. Mr. Ervin may also be awarded an annual bonus based on achievement of goals to be determined by the Compensation Committee of the Board of Directors of the Company. The employment agreement reflects that Mr. Ervin’s employment with the Company is initially part-time. The employment agreement is in substantially the form of employment agreement with other executive officers of the Company, which was attached as Exhibit 10.1 to the Company’s Form F-1 filed with the Securities Exchange Commission on November 16, 2023, and which is incorporated into this Form 6-K by reference, except that Mr. Ervin’s severance benefit is reduced to one month of base salary.
Jeffrey S. Ervin co-founded IMAC Holdings, Inc. (NASDAQ: BACK) in March 2015 and served as its Chief Executive Officer and a Chairman of its Board of Directors until May 2024. From October 2011 to March 2015, Mr. Ervin was the senior financial officer of Medicare.com parent Medx Publishing and was tasked with building administrative functions to satisfy rapid growth in the CMS education sector. During this time through March 2015, Medicare.com earned INC. 500 recognition and he was instrumental in the acquisition of Medicaid.com, which was sold to United Healthcare Group. Mr. Ervin was the Senior Financial Analyst and Vice President of Finance for the Baptist Hospital System of Nashville from 2006 to September 2011, responsible for sourcing and managing direct investments to satisfy pension obligations. He received his M.B.A from Vanderbilt University and his B.S. in finance from Miami University.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DDC Enterprise Limited. | ||
| Date: June 25, 2024 | By: | /s/ Norma Ka Yin Chu |
| Name: | Norma Ka Yin Chu | |
| Title: | Chief Executive Officer | |
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EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release Dated June 25, 2024 |
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Exhibit 99.1
DayDayCook Names Jeffrey Ervin as Co-Chief Financial Officer
Former CEO of U.S. listed public company brings capital markets and investor engagement experience to DDC while overseeing U.S. financial operations
NEW YORK, June 25, 2024 (Business Newswire) – DDC Enterprise, Ltd., (NYSEAM: DDC) (“DayDayCook,” “DDC,” or the “Company”), a leading content-driven food consumer brand, today announced that Jeffrey Ervin, has been named Co-Chief Financial Officer, effective immediately. Mr. Ervin will initially be focused on leveraging his background in U.S. capital markets to oversee the financial controls, reporting requirements, and aid in investor engagement for DayDayCook.
“Jeff’s background as a public company CEO, along with his extensive experience in corporate finance, will be instrumental in establishing DayDayCook in the U.S. financial markets” said Norma Chu, DayDayCook’s founder and CEO. “With our recently announced acquisitions, we are expecting significant growth in our U.S. operations as we expand distribution and improve time-to-market for our brands. Jeff’s experience in managing acquisition integration and capital needs of a fast-growing company, as well as his experience managing investor engagement, will be instrumental in our journey to become an Asian food powerhouse.”
Mr. Ervin has more than 20 years of experience in senior corporate and financial roles. Most recently he was the Chairman and Chief Executive Officer of IMAC Holdings (Nasdaq: BACK), where he successfully launched the company through its IPO and served as the primary liaison for shareholders and the investment community. Prior to this he was the VP of Finance for Medicare.com, a private online healthcare marketing and technology firm. Earlier, Mr. Ervin was VP of Finance for the Baptist Hospital System, where he sourced and performed diligence on private equity investment opportunities. He received his M.B.A from Vanderbilt University and his B.S. in finance from Miami University.
“DayDayCook is an exciting organization and its brands represent Norma’s magnetic personality and mission for the Company,” said Jeffrey S. Ervin. “The Company is positioned for growth in a fragmented Asian food category at a time when consumers increasingly seek access to quality products that deliver nutrition and value. I am grateful for the opportunity to join a distinguished team at a pivotal time in the Company’s growth strategy.”
The Compensation Committee of DDC’s Board of Directors granted an option award covering 100,000 shares of DDC’s Class A Ordinary Shares to Mr. Ervin subject to the terms of DDC’s 2023 Employee Share Option Plan which vests over a four-year period, subject to continued employment through each vesting date. The award was granted as a material inducement to employment in accordance with the NYSE Listed Company Manual Rule 303A.08.
About DayDayCook – A Leader in Food Innovation
Founded in 2012, DayDayCook is a leading content-driven consumer brand offering easy and convenient ready-to-heat, ready-to-cook and ready-to-eat Asian food products. The company focuses on innovative and healthy meal solutions with a fast-growing omnichannel sales network in China and the U.S., and through a strong online presence globally. The Company builds brand recognition through culinary and lifestyle content across major social media and e-commerce platforms.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth and expansion. 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. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other 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.
Contact:
Investors:
Head of Investor Relations
Kyle Gusé
kyle.guse@daydaycook.com
CORE IR
Matt Blazei
mattb@coreir.com
Media:
DDC Enterprise Ltd.
Chris Cheung