Captivision Inc 6-K, filed Aug 7, 2025
Captivision Inc. (CPTAF)
About this 6-K
Captivision Inc filed this 6-K on August 7, 2025.
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 August 2025
Commission File Number: 001-41869
Captivision Inc.
(Exact name of registrant as specified in its charter)
298-42 Chung-buk Chungang-ro Chung-buk,
Pyeong-taek, Gyounggi, Republic of Korea
(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 ☐
Resignation of Independent Registered Public Accounting Firm
On August 1, 2025, UHY, LLP (“UHY”) informed the Audit Committee of Captivision Inc.’s (the “Company”) Board of Directors that it was resigning as the Company’s independent registered public accounting firm, effective immediately. UHY was previously appointed by the Company on October 2, 2024, but had not yet completed an audit of any of the Company’s financial statements.
Though UHY never audited any of the Company’s financial statements, (i) there were no disagreements between the Company and UHY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of UHY, would have caused it to make reference thereto in its reports on the Company’s financial statements and (ii) there were no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K.
The Company provided a copy of the foregoing disclosure to UHY and requested that UHY furnish it with a letter addressed to the Securities and Exchange Commission stating whether UHY agrees with the above statements, as required by Item 304(a)(3) of Regulation S-K. A copy of UHY’s letter, dated August 7, 2025, is filed herewith as Exhibit 16.1.
As previously disclosed in a Form 6-K on April 15, 2025, management of the Company had preliminarily identified material misstatements in previously issued financial statements and concluded that such financial statements should no longer be relied upon. In addition, the Company expected to report one or more material weaknesses in internal control over financial reporting.
Unless the Company is able to appoint a replacement independent registered public accounting firm in a timely fashion, there is significant uncertainty regarding the Company’s ability to file its audited financial statements for the year ended December 31, 2024 and its restated prior period financial statements to correct the material misstatements.
Cautionary Note Regarding Forward-Looking Statements
This Form 6-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Form 6-K, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to
comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”
These forward-looking statements are based on information available as of the date of this Form 6-K and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.
The information in this Form 6-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
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.
Captivision Inc. |
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By: |
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/s/ Gary R. Garrabrant |
Name: |
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Gary R. Garrabrant |
Title: |
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Chief Executive Officer |
Date: August 7, 2025
Exhibit 16.1
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UHY LLP 201 OId Country Rd. Suite 205 Melville, NY 11747
(631) 712-6860
uhy-us.com
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August 7, 2025
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: Captivision, Inc.
Commission File Number: 001-41869
Commissioners:
We have read the statements made by Captivision, Inc. (the “Company”) under the caption “Resignation of Independent Registered Public Accounting Firm” of the current report on Form 6-K dated August 7, 2025 and are in agreement with the statements relating only to UHY LLP contained therein. We have no basis to agree or disagree with other statements contained therein.
We hereby consent to the filing of this letter as an exhibit to the foregoing report on Form 6-K.
Sincerely,
/s/ UHY LLP
An independent member of UHY International