8-K - ITP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November

10, 2021

IT TECH PACKAGING, INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation)

001-34577	20-4158835
(Commission<br> File Number)	(IRS<br> Employer<br><br> Identification No.)
Science Park, Juli Road<br><br> <br>Xushui District, Baoding City<br><br> <br>Hebei Province, People’s Republic of China	072550
---	---
(Address<br> of principal executive offices)	(Zip<br> Code)

(86) 312-8698215

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (seeGeneral Instruction A.2. below):

☐	Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ITP	NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 pursuant to Section 13(a) of the Exchange Act. ☐

Item2.02 Results of Operations and Financial Condition.

On November 10, 2021, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the quarter ended September 30, 2021. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 5.07 Submission of Matters to a Vote of Security Holders.

The Company held its Annual Meeting of Stockholders on November 12, 2021, China time (the “Annual General Meeting”). The final results for each of the matters submitted to a vote of stockholders at the Annual General Meeting as set forth in the Proxy Statement are as follows:

Proposal 1. All the two nominees for directors in Class I were elected to serve until the 2023 Annual General Meeting of Stockholders and until their respective successors have been duly elected and qualified, or until such director’s earlier resignation, removal or death. The result of the votes to elect the two directors was as follows:

DIRECTORS:	FOR		WITHHELD		BROKER<br> <br>NON-VOTE
Marco Ku Hon Wai		23,752,630		1,804,088		24,015,962
Wenbing Christopher Wang		23,793,059		1,763,759		24,015,862

*Proposal 2.*The appointment of WWC, P.C. Certified Accountants as the Company’s independent registered public accounting firm for fiscal 2021 was ratified by the stockholders by the votes set forth in the table below:

FOR	AGAINST	ABSTAIN
48,055,332	1,126,336	391,012

There were no broker non-votes with respect to the appointment of WWC, P.C. Certified Accountants.

Proposal 3. The IT Tech Packaging Inc. 2021 Omnibus Equity Incentive Plan was adopted and approved. The results of the votes to adopt and approve The IT Tech Packaging Inc. 2021 Omnibus Equity Incentive Plan was as follows:

FOR	AGAINST	ABSTAIN
19,821,712	3,917,842	1,817,264

Item 8.01 Other Events.

On November 12, 2021, the Company issued a press release announcing the results of the Annual General Meeting. A copy of the press release that discusses this matter is filed as Exhibit 99.2 to, and incorporated by reference in this report.

Item9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed herewith:

Exhibit<br> Number	Description
99.1	Press Release dated November 10, 2021, announcing unaudited financial results of the Company for the quarter ended September 30, 2021.
99.2	Press Release dated November 12, 2021, announcing the results of Annual General Meeting.
104	Cover Page Interactive Data File (embedded within the<br> Inline XBRL document)

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 hereunto duly authorized.

	IT TECH PACKAGING, INC.
Date: November 15, 2021	By:	/s/<br> Zhenyong Liu
		Name:	Zhenyong Liu

Exhibit99.1

ITTech Packaging, Inc. Announces Third Quarter 2021 Financial Results

Companyto Host Earnings Conference Call on Friday, November 12, 2021, at 8:00 am ET

BAODING, China, November 10, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

ThirdQuarter 2021 Unaudited Financial Results

	For the Three Months Ended September 30,
($ millions)	2020			2021			% Change
Revenues		33.36			45.09			35.2	%
Regular Corrugating Medium Paper (“CMP”)*		19.55			31.2			59.6	%
Light-Weight CMP**		5.08			6.13			20.71	%
Offset Printing Paper		6.13			4.80			-21.72	%
Tissue Paper Products		2.38			2.81			18.13	%
Face Masks		0.22			0.15			-31.2	%
Gross profit		2.57			1.82			-29.1	%
Gross profit (loss) margin		7.70	%		4.04			-3.66<br>pp	****
Regular Corrugating Medium Paper (“CMP”)*		6.40	%		2.94	%		-3.46<br>pp	****
Light-Weight CMP**		9.44	%		5.59	%		-3.85<br>pp	****
Offset Printing Paper		18.89	%		16.20	%		-2.69 pp	****
Tissue Paper Products***		-14.5	%		-8.74	%		-5.76 pp	****
Face Masks		11.13	%		20.44	%		9.31 pp	****
Operating income (loss)		0.18			(0.20	)		-212.11	%
Net income (loss)		-0.52			1.54			396.09	%
EBITDA		3.60			5.32			49.01	%
Basic and Diluted earnings (loss) per share		-0.02			0.03			500.0	%
*	Products from PM6
---	---
**	Products from PM1
---	---
***	Products from PM8 and PM9
---	---
****	pp represents percentage points
---	---

●	Revenue<br> for the three months ended September 30, 2021 was $45,087,671, representing an increase of<br> $11,730,220, or 35.17%, from $33,357,451 for the same period in the previous year.
●	Gross<br> profit for the three months ended September 30, 2021 was $1,821,536 (4.04% of the total revenue),<br> representing a decrease of $746,015, or 29.06%, from the gross profit of $2,567,551 (7.70%<br> of the total revenue) for the three months ended September 30, 2020.
---	---
●	Operating<br> loss for the quarter ended September 30, 2021 was $198,029, representing a decrease of $374,660,<br> or 212.11%, from income from operations of $176,631 for the quarter ended September 30, 2020.<br> The decrease in income from operations was primarily due to the decrease in gross profit.
---	---
●	Net<br>income was $1,542,576 for the quarter ended September 30, 2021, representing an increase of $2,063,550, or 396.09%, from net loss of<br>$520,974 for the quarter ended September 30, 2020.
---	---
●	Earnings<br> before interest, taxes, depreciation and amortization (“EBITDA”) increased by 49.01%<br> to $5.32 million.
---	---

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “For the first nine months this year, we continued making improvements in the sales of CMP, offset printing paper and tissue paper products . Our total revenue for the first nine months of 2021increased by 69.19% to $115.83 million, resulting from 36.34% growth of overall sales volume and a 25.63% increase in average selling prices over all categories of products. We recorded a 34.80% increase of gross profit.

Although the demands of paper products are impacted by the repeated epidemic, double reduction policy and paperless office trend, we expect the earnings per ton for paper products will be significantly improved by the uprising price. Further, due to the dual control of energy consumption policy, many leading paper manufacturers adjusted the production accordingly, which will cause a shortage of supply. In a word, we positively expect a much better performance in the upcoming quarter.”

Revenue

Revenue for the three months ended September 30, 2021 was $45,087,671, an increase of $11,730,220, or 35.17%, from $33,357,451 for the same period in the previous year. This was mainly due to the increase in sales volume of regular corrugating medium paper (“regular CMP”) and the increase in Average Selling Prices (ASPs) of CMP and tissue paper products.

The following table summarizes revenue, volume and ASP by product for the third quarter of 2021 and 2020, respectively:

	Three Months Ended
	September 30, 2021
Sales Revenue	Quantity (Tonne)		Amount		ASP (/tonne)		Amount		ASP (/tonne)
Regular CMP		61,947		31,200,984		48,107		19,553,861
Light-Weight CMP		12,497		6,127,480		12,884		5,076,133
Offset Printing Paper		7,045		4,795,391		10,280		6,126,303
Tissue Paper Products		2,646		2,811,625		2,855		2,380,052
Total CMP, Offset Printing Paper and Tissue Paper Revenue		84,135		44,935,480		74,126		33,136,349
		Quantity (Piece))		Amount		Quantity (Piece)		Amount
Face Masks		3,180,000		152,191		3,576,000		221,102

All values are in US Dollars.

Of the total CMP sales, revenue from regular CMP increased by $11.65 million, or 59.56%, to $31.2 million, resulting from sales of 61,947 tonnes at an ASP of $504/tonne, during the third quarter of 2021, compared to revenue of $19.6 million, resulting from sales of 48,107 tonnes at an ASP of $406/tonne, for the same period of last year. Revenue from light-weight CMP increased by $1.05 million, or 20.71%, to $6.13 million, resulting from sales of 12,497 tonnes at an ASP of $490/tonne for the third quarter of 2021, compared to revenue of $5.08 million, resulting from sales of 12,884 tonnes at an ASP of $394/tonne for the same period of last year.

Revenue from offset printing paper decreased by $1.3 million, or 21.72%, to $4.80 million for the third quarter of 2021, from $6.13 million for the same period of last year. The Company sold 7,045 tonnes of offset printing paper at an ASP of $681/tonne in the third quarter of 2021, compared to 10,280 tonnes at an ASP of $596/tonne in the same period of last year.

Revenue from tissue paper products increased by $0.43 million, or 18.13%, to $2.8 million, resulting from sales of 2,646 tonnes at an ASP of $1,063/tonne, for the third quarter of 2021, compared to revenue of $2.4 million, resulting from sales of 2,855 tonnes at an ASP of $834/tonne for the same period of last year.

Revenue generated from selling face mask were $152,191 and $221,102 for the three months ended September 30, 2021 and 2020. The Company sold 3,180 thousand pieces of face masks in the third quarter of 2021, as compared to 3,576 thousand pieces in the comparable period of 2020, a decrease of 396 thousand pieces, or 31.17%.

GrossProfit and Gross Margin

Total cost of sales increased by $12.48 million, or 40.52%, to $43.27 million for the third quarter of 2021 from $30.79 million for the same period of last year. The increase in overall cost of sales was mainly due to the increased manufacturing overhead costs and increased material costs, specifically higher average unit purchase costs of recycled paper board and recycled white scrap paper in the third quarter of 2021. Average unit purchase costs of recycled paper board and recycled white scrap paper, major raw material used for production, was approximately $304/tonne and $358/tonne, respectively, for the third quarter of 2021, compared to $251/tonne and $297/tonne, respectively, for the same period of last year. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $489, $463, $570, and $1,155, respectively, for the third quarter of 2021, compared to $380, $357, $483 and $955, respectively, for the same period of last year. Total gross profit was $1.82 million for the third quarter of 2021, compare to the gross profit of $2.57 million for the same period of last year as a result of factors described above. Overall gross margin was 4.04% for the third quarter of 2021, compared to 7.70% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 2.94%, 5.59%, 16.20%, -8.74% and 20.44%, respectively, for the third quarter of 2021, compared to 6.40%, 9.44%, 18.89%,-14.50% and 11.13%, respectively, for the same period of last year.

Selling,General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by $0.37 million, or 15.53%, to $2.02 million for the third quarter of 2021 from $2.39 million for the same period of last year.

Income(loss) from Operations

Operating loss for the quarter ended September 30, 2021 was $198,029, a decrease of $374,660, or 212.11%, from income from operations of $176,631 for the quarter ended September 30, 2020. The decrease in income from operations was primarily due to the decrease in gross profit.

NetIncome (Loss)

As a result and the factors discussed above, net income was $1,542,576 or $0.03 per basic and diluted share for the quarter ended September 30, 2021, representing an increase of $2,063,550, or 396.09%, from net loss of $520,974, or $0.02 loss per basic and diluted share for the quarter ended September 30, 2020.

EBITDA

EBITDA was $5.32 million for the third quarter of 2021, compared to $3.60 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliationof Net Income to EBITDA

(Amountsexpressed in US$)

	For the Three Months Ended September 30,
($ millions)	2020		2021
Net income (loss)		-0.52		1.54
Add: Income tax		0.03		-0.07
Net interest expense		0.26		0.28
Depreciation and amortization		3.83		3.57
EBITDA		3.60		5.32

NineMonths Ended September 30, 2021 Financial Results

	For the Nine Months Ended September 30,
($ millions)	2020			2021			% Change
Revenues		68.46			115.83			69.19	%
Regular Corrugating Medium Paper (“CMP”)*		42.65			78.42			83.87	%
Light-Weight CMP**		11.59			16.44			41.76	%
Offset Printing Paper		7.39			14.10			74.87	%
Tissue Paper Products		5.77			6.49			12.57	%
Face Masks		1.07			0.39			-63.29	%
Gross profit		4.96			6.68			34.80	%
Gross profit (loss) margin		7.24	%		5.77	%		-1.47 pp	****
Regular Corrugating Medium Paper (“CMP”)*		7.27	%		4.97	%		-2.30 pp	****
Light-Weight CMP**		11.23	%		7.26	%		-3.97 pp	****
Offset Printing Paper		19.70	%		17.47	%		-2.23 pp	****
Tissue Paper Products***		-24.82	%		-14.39	%		10.43 pp	****
Face Masks		49.50	%		16.98	%		-32.52 pp	****
Operating income		-3.49			-0.49			85.93	%
Net income		-3.94			-3.25			17.47	%
EBITDA		7.20			2.69			-62.64	%
Basic and Diluted earnings per share		-0.15			-0.06			60	%
*	Products from PM6
---	---
**	Products from PM1
---	---
***	Products from PM8 and PM9
---	---
****	pp represents percentage points
---	---

Revenue

For the nine months ended September 30, 2021, total revenue increased by $47.37 million, or 69.19%, to $115.83 million from $68.46 million for the same period of last year. The increase in total revenue was mainly due to the increase in sales volume of Regular CMP, offset printing paper together with the increase in ASPs over all paper products categories. The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2021 and 2020, respectively:

	Nine Months Ended					Nine Months Ended
	September 30, <br> 2021					September 30, <br> 2020
Sales Revenue	Quantity (Tonne)		Amount		ASP (/tonne)	Quantity (Tonne)		Amount		ASP (/tonne)
Regular CMP		156,080	$	78,417,279			108,874	$	42,647,898
Light-Weight CMP		33,658	$	16,436,588			30,384	$	11,594,324
Offset Printing Paper		20,602	$	14,095,393			12,463	$	7,388,491
Tissue Paper Products		5,963	$	6,491,234			6,923		5,766,207
Total CMP, Offset Printing Paper and Tissue Paper Revenue		216,303	$	115,440,494			158,644	$	67,396,920

All values are in US Dollars.

Face Mask	Quantity (Piece)		Amount	ASP<br> <br>($/piece)	Quantity (Piece)		Amount	ASP<br> <br>($/piece)
	9,650,000	$	391,519	0.04	9,856,000	$	1,066,654	0.11

Revenue from CMP, including both regular CMP and light-Weight CMP increased by $40.61 million, or 74.87%, to $94.85 million, and accounted for 81.89% of total revenue for the first nine months of 2021, compared to $54.2 million, or 79.2% of total revenue for the same period of last year. The Company sold 189,738 tonnes of CMP at an ASP of $500/tonne in the first nine months of 2021, compared to 139,258 tonnes at an ASP of $390/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by $35.77 million, or 83.87%, to $78.42 million, resulting from sales of 156,080 tonnes at an ASP of $502/tonne during the first nine months of 2021, compared to revenue of $42.65 million, resulting from sales of 108,874 tonnes at an ASP of $392/tonne for the same period of last year. Revenue from light-weight CMP increased by $4.84 million, or 41.76%, to $16.44 million, resulting from sales of 33,658 tonnes at an ASP of $488/tonne for the first nine months of 2021, compared to revenue of $11.6 million, resulting from sales of 30,384 tonnes at an ASP of $382/tonne for the same period of last year.

Revenue from offset printing paper increased by $6.71 million, or 90.77%, to $14.1 million for the first nine months of 2021 from $7.39 million for the same period of last year. The Company sold 20,602 tonnes of offset printing paper at an ASP of $684/tonne in the first nine months of 2021, compared to 12,463 tonnes at an ASP of $593/tonne in the same period of last year.

Revenue from tissue paper products increased by $0.73 million, or 12.57%, to $6.49 million, resulting from sales of 5,963 tonnes at an ASP of $1,089/tonne, for the first nine months of 2021, compared to revenue of $5.77 million, resulting from sales of 6,923 tonnes at an ASP of $833/tonne for the same period of last year.

Revenue generated from selling face mask were $391,519 and $1,066,654 for the nine months ended September 30, 2021 and 2020. We sold 9,650 thousand pieces of face masks in the third quarter of 2021, as compared to 9,856 thousand pieces in the comparable period of 2020, a decrease of 206 thousand pieces, or 2.09%.

GrossProfit and Gross Margin

Total cost of sales increased by $45.86 million, or 72.83%, to $108.83 million for the first nine months of 2021 from $63.0 million for the same period of last year. This was mainly a result of the increase in sales volume of CMP and offset printing paper and increase of material costs. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $477, $453, $565, and $1,245, respectively, for the first nine months of 2021 compared to $363, $339, $476, and $1,040, respectively, for the same period of last year.

Total gross profit increased by $1.72 million, or 34.80%, to $6.68 million for the first nine months of 2021 from $5.0 million for the same period of last year. Overall gross margin decreased by 1.47 percentage points to 5.77% for the first nine months of 2021 from 7.24% for the same period of last year. Gross margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 4.97%, 7.26%, 17.47%, -14.39% and 16.98%, respectively, for the first nine months of 2021, compared to 7.27%, 11.23%, 19.70% , -24.82 and 49.50%, respectively, for the same period of last year.

Selling,General and Administrative Expenses

Selling, general and administrative expenses for the nine months ended September 30, 2021 were $7,172,495, a decrease of $1,272,861, or 15.07% from $8,445,356 for the nine months ended September 30, 2020. The decrease was mainly due to higher share based compensation and expenses in April 2020.

Lossfrom Operations

Operating loss for the nine months ended September 30, 2021 was $490,934, a decrease of loss of $2,997,760, or 85.93%, from $3,488,694 for the nine months ended September 30, 2020. The decrease was primarily due to the increase in gross profit and decrease in selling, general and administrative expenses.

NetLoss

As a result of the above, net loss was $3,249,528 for the nine months ended September 30, 2021, representing a decrease of loss of $687,764, or 17.47%, from $3,937,292 for nine months ended September 30, 2020.

EBITDA

EBITDA decreased by $4.51 million, or 62.64%, to $2.69 million for the first nine months of 2021 from $7.20 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

Reconciliationof Net Income to EBITDA

(Amountsexpressed in US$)

	For the Nine Months Ended<br><br> September 30,
($ millions)	2020		2021
Net income		-3.94		-3.25
Add: Income tax		0.58		-4.95
Net interest expense		-0.74		-0.84
Depreciation and amortization		11.30		11.73
EBITDA		7.20		2.69

Cash,Liquidity and Financial Position

As of September 30, 2021, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including loan from credit union) of $26.58 million, $12.20 million and $4.52 million, respectively, compared to $4.14 million, $12.16 million and $4.6 million, respectively, at the end of 2020.

Net accounts receivable was $4.12 million as of September 30, 2021, compared to $2.39 million as of December 31, 2020. Net inventory was $7.62 million as of September 30, 2021, compared to $1.23 million at the end of 2020. As of September 30, 2021, the Company had current assets of $62.25 million and current liabilities of $18.68 million, resulting in a working capital of $43.57 million. This was compared to current assets of $14.91 million and current liabilities of $18.34 million, resulting in a working capital deficit of $3.43 million at the end of 2020.

Net cash used in operating activities was $6.44 million for the first nine months of 2021, compared to net cash provided by operating activities of $2.37 million for the same period of last year. Net cash used in investing activities was $12.78 million for the first nine months of 2021, compared to $2.57 million for the same period of last year. Net cash provided by financing activities was $41.55 million for the first nine months of 2021, compared to net cash provided in financing activities of $2.24 million for the same period of last year.

Recentdevelopment

On May 26, 2021, the Company announced it has officially obtained approval for surgical mask products from local Food and Drug Administration (FDA) in China Hebei province. IT Tech Packaging has also shown the result in public for the required period of time and is now eligible to produce (aseptic) single-use surgical and surgical masks.

On July 6, 2021, the Company announced that the Company’s tissue paper research and development center has received a Level B scale-above Certification as an industrial R&D enterprise institution in Hebei province after on-site inspection by regulators. ITP has also been granted six new utility patent certificates on paper manufacturing related equipments by the State Intellectual Property Office.

EarningsConference Call

The Company’s management will host a conference call to discuss its third quarter 2021 financial results at 8:00 am US Eastern Time on Friday, November 12, 2021. To attend the conference call, please use the information below.

Date/Time: 8:00 am US Eastern Time (5:00 am US Pacific Time/9:00 pm Beijing Time) on Friday, November 12, 2021

Conference Title: IT Tech Packaging, Inc. Third Quarter 2021 Earnings Conference Call

Conference ID: 1924349

To attend the conference call, please register in advance of the conference using the link: http://apac.directeventreg.com/registration/event/1924349to complete the online registration at least 15 minutes prior to the start of the call. Upon registering, the conference access information including participant dial-in numbers, a Direct Event passcode and a registrant ID will be provided to you via an email.

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://edge.media-server.com/mmc/p/hq8wbnie .. Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available through 11:00 am ET on November 12, 2021 to 7:59 am ET on November 20, 2021. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the conference ID 1924349 to access the replay.

AboutIT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’s Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/ .

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company

Email: ir@itpackaging.cn

Tel: +86 0312 8698215

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

(unaudited)

		December 31,
		2020
ASSETS
Current Assets
Cash and bank balances	26,575,582	$	4,142,437
Restricted cash	-		-
Accounts receivable (net of allowance for doubtful accounts of 54,668 and 34,391 as of September 30, 2021 and December 31 2020, respectively)	4,121,781		2,389,057
Inventories	7,621,405		1,233,801
Prepayments and other current assets	22,997,609		7,051,515
Due from related parties	935,534		92,795
Total current assets	62,251,911		14,909,605
Prepayment on property, plant and equipment	32,072,039		21,149,749
Finance lease right-of-use assets, net	2,288,902		2,397,653
Property, plant, and equipment, net	127,063,147		145,142,642
Value-added tax recoverable	2,437,669		2,566,195
Deferred tax asset non-current	10,564,650		13,708,630
Total Assets	236,678,318	$	199,874,474
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Short-term bank loans	6,320,350	$	6,435,348
Current portion of long-term loans from credit union	5,134,610		4,996,245
Lease liability	206,606		182,852
Accounts payable	354,247		592,391
Advance from customers	40,075		82,625
Due to related parties	749,717		727,433
Accrued payroll and employee benefits	318,276		224,930
Other payables and accrued liabilities	5,121,243		4,838,601
Income taxes payable	439,686		259,649
Total current liabilities	18,684,810		18,340,074
Loans from credit union	4,517,840		4,597,772
Deferred gain on sale-leaseback	176,563		387,087
Lease liability - non-current	198,352		354,107
Derivative liability	5,133,147		1,115,260
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of 17,764,728 and 17,950,224 as of September 30, 2021 and December 31, 2020, respectively)	28,710,712		24,794,300
Commitments and Contingencies
Stockholders’ Equity
Common stock, 500,000,000 shares authorized, 0.001 par value per share, 99,049,900 and 28,535,816 shares issued and outstanding as of September 30, 2021 and December, 31,2020, respectively	99,050		28,536
Additional paid-in capital	88,927,787		53,989,548
Statutory earnings reserve	6,080,574		6,080,574
Accumulated other comprehensive income	6,868,929		5,740,722
Retained earnings	105,991,266		109,240,794
Total stockholders’ equity	207,967,606		175,080,174
Total Liabilities and Stockholders’ Equity	236,678,318	$	199,874,474

All values are in US Dollars.

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATEDSTATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND NINEMONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues	$	45,087,671		$	33,357,450		$	115,832,013		$	68,463,575
Cost of sales		(43,266,135	)		(30,789,899	)		(109,150,452	)		(63,506,913	)
Gross Profit		1,821,536			2,567,551			6,681,561			4,956,662
Selling, general and administrative expenses		(2,019,565	)		(2,390,920	)		(7,172,495	)		(8,445,356	)
(Loss) Income from Operations		(198,029	)		176,631			(490,934	)		(3,488,694	)
Other Income (Expense):
Interest income		12,044			8,544			28,096			23,785
Subsidy income		(30	)		61,152			197,861			203,171
Interest expense		(281,670	)		(258,438	)		(844,470	)		(744,592	)
Loss on derivative liability		1,938,873			(482,515	)		2,810,913			(510,380	)
Income (Loss) before Income Taxes		1,471,188			(494,626	)		1,701,466			(4,516,710	)
Provision for Income Taxes		71,388			(26,348	)		(4,950,994	)		579,418
Net Income (Loss)		1,542,576			(520,974	)		(3,249,528	)		(3,937,292	)
Other Comprehensive (Loss) Income
Foreign currency translation adjustment		(819,183	)		6,670,510			1,128,207			4,204,935
Total Comprehensive Income (Loss)	$	723,393		$	6,149,536		$	(2,121,321	)	$	267,643
Earnings (Losses) Per Share:
Basic and Diluted Earnings (Losses) per Share	$	0.03		$	(0.02	)	$	(0.06	)	$	(0.15	)
Outstanding – Basic and Diluted		54,196,300			25,816,354			54,196,300			25,816,354

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021AND 2020

(Unaudited)

	Nine Months Ended
	September 30,
	2021			2020
Cash Flows from Operating Activities:
Net income	$	(3,249,528	)	$	(3,937,292	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,733,664			11,301,703
(Gain) Loss on derivative liability		(2,810,913	)		510,380
Allowance for bad debts		20,118			2,973
Share-based compensation and expenses		-			1,242,000
Deferred tax		3,235,556			(1,582,754	)
Changes in operating assets and liabilities:
Accounts receivable		(1,742,594	)		(272,857	)
Prepayments and other current assets		(6,918,816	)		2,099,669
Inventories		(6,396,066	)		(6,758,500	)
Accounts payable		(242,357	)		50,683
Advance from customers		(43,161	)		76,763
Related parties		(821,943	)		1,767,888
Accrued payroll and employee benefits		92,207			(43,025	)
Other payables and accrued liabilities		522,353			(1,292,657	)
Income taxes payable		178,903			(795,487	)
Net Cash (Used in) Provided by Operating Activities		(6,442,577	)		2,369,487
Cash Flows from Investing Activities:
Purchases of property, plant and equipment		(12,781,114	)		(3,144,261	)
Proceeds from sale of property, plant and equipment		-			572,312
Net Cash Used in Investing Activities		(12,781,114	)		(2,571,949	)
Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net		41,837,553			2,273,360
Repayment of bank loans		(154,579	)		-
Payment of capital lease obligation		(135,611	)		(32,317	)
Net Cash Provided by Financing Activities		41,547,363			2,241,043
Effect of Exchange Rate Changes on Cash and Cash Equivalents		109,473			333,579
Net Increase in Cash and Cash Equivalents		22,433,145			2,372,160
Cash, Cash Equivalents and Restricted Cash - Beginning of Period		4,142,437			5,837,745
Cash, Cash Equivalents and Restricted Cash - End of Period	$	26,575,582		$	8,209,905
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost	$	485,075		$	509,783
Cash paid for income taxes	$	1,523,555		$	1,784,107
Cash and bank balances		26,575,582			8,209,905
Restricted cash		-			-
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		26,575,582			8,209,905

Exhibit 99.2

IT Tech Packaging, Inc. Announces Results of2021 Annual General Meeting of Stockholders

BAODING, China, November 12, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced the results of the Company’s 2021 Annual General Meeting of Stockholders (the “Annual Meeting”) held at the Company’s production base in Wei County, Hebei Province, China. at 10:00 a.m., Beijing Time, on Friday, November 12, 2021.

At the Annual Meeting, IT Tech Packaging’s stockholders:

1.	Elected<br>two Class I directors (Marco Ku Hon Wai and Wenbing Christopher Wang) to serve on the Board of Directors of the Company, with such Class<br>I directors to serve until the 2023 Annual Meeting of Stockholders and until their respective successors have been duly elected and qualified<br>or until his or her earlier resignation, removal or death;
2.	Ratified<br>of the appointment of WWC, P.C. Certified Public Accountants as the Company’s independent registered public accounting firm for the fiscal<br>year ending December 31, 2021;
---	---
3.	Approved<br>the adoption of the IT Tech Packing, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Plan”)
---	---

About IT Tech Packaging, Inc.

Safe Harbor Statements

For more information, please contact:

At the Company

Email: ir@itpackaging.cn

Tel: +86 0312 8698215