Item 8.01 Other Events.
On October 6, 2020, e-Marine Co., Ltd (KR), a Korean corporation and subsidiary
of eMarine Global Inc., pursuant to Sections 305, 306 and 549 of the Debtor
Rehabilitation and Bankruptcy Act, filed for bankruptcy with, and was declared
bankrupt by, the Seoul Bankruptcy Court. e-Marine Co., Ltd (KR) has experienced
a shortage of business opportunities in the South Korea maritime field, notably
government-ordered projects, due to the novel coronavirus (COVID-19) pandemic.
Accordingly, e-Marine Co., Ltd (KR) has discontinued operations and has been
deemed incapable of repaying its outstanding debt.
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