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DDC Enterprise Ltd (DDC), also known as DayDayCook, is a leading content-driven consumer brand established in 2012. The company specializes in offering ready-to-heat, ready-to-cook, and plant-based meal products, targeting Millennials and Generation Z for healthier lifestyle choices. Their meal offerings primarily consist of vegetables, fruits, grains, and plant-based proteins, promoting a healthier dietary option over traditional animal proteins.
Core Business and Products
DayDayCook's product portfolio spans various quick-preparation meal options designed to fit modern, busy lifestyles. These include ready-to-heat and ready-to-cook meals catering to both individual consumers and retail outlets. The company's innovative and healthy meal solutions are accessible through an omnichannel sales network that is rapidly expanding across China and the United States. Additionally, DayDayCook has a strong online presence, leveraging culinary and lifestyle content to build brand recognition across major social media platforms.
Recent Achievements and Projects
One of the company's significant moves includes the acquisition of a 51% stake in G.L. Industry S.p.A (GLI), an Italian producer of specialized Asian ready-meals. This acquisition marks DayDayCook's entry into the European market, further expanding its international footprint. GLI’s products are available in over 7,000 European retail outlets, adding a substantial market presence to DDC's portfolio. The acquisition is expected to complete in the first quarter of 2024.
DayDayCook also recently announced a share repurchase program authorizing up to 500,000 Class A Ordinary Shares. This initiative aims to utilize the company's existing cash and cash equivalents to increase shareholder value, showcasing a robust financial condition and investor confidence.
Financial Condition and Outlook
DDC reported a 25.5% increase in revenues for the nine months ended September 30, 2023, achieving EBITDA profitability. The financial health of the company is underscored by its strategic acquisitions and expanding market presence.
Partnerships and Collaborations
The company enjoys collaborations with several partners to strengthen its market offerings. Oaklins HFG China provided advisory services for the recent GLI acquisition, highlighting DDC's commitment to strategic growth through expert guidance.
Additional Services
Beyond its meal products, DDC is also engaged in providing advertising services and operating experience stores that offer cooking classes. These services aim to enhance customer engagement and foster a deeper connection with the brand.
DDC Enterprises (NYSEAM: DDC), a leading multi-brand Asian consumer food company, has issued a corporate update from CEO Norma Chu. Key highlights include:
- Improved corporate infrastructure with a new finance team and appointment of Enrome LLP as independent auditor
- Estimated 2023 revenue between $28-29 million, up 10-14% from 2022
- Gross margin increase from 24.5% to an estimated 24.9-25.1%
- Estimated $25.8 million in cash and short-term investments at year-end 2023
- Successful acquisitions of Yai's Thai and Omsom brands
- Elimination of $4.8 million in debt
- Appointment of new leadership, including COO Malik Sadiq
The company aims to become the most influential player in the U.S. Asian food market and expects to benefit from economic stimulus in China.
DayDayCook (DDC) announces the launch of Yai's Thai's new BBQ and hot sauces at Sprouts Farmers Market. This partnership makes Sprouts the first-to-market retail partner for these new products, available in 400 Sprouts locations nationwide. Yai's Thai, known for authentic Thai flavors, crafted these sauces with high-quality ingredients and traditional recipes.
Leland Copenhagen, founder of Yai's Thai, expressed excitement about the partnership, highlighting the sauces' versatility for grilling, dipping, and enhancing everyday dishes. Sprouts now offers the most extensive selection of Yai's Thai products, with 12 SKUs. This launch is part of Yai's Thai's expansion strategy, aiming to reach 3,000 to 4,000 retail locations nationwide.
DDC Enterprise (NYSEAM: DDC), a leading multi-brand Asian consumer food company, has successfully recapitalized its debt and secured additional funding. The company completed a $4.8 million loan restructuring with ten creditors, converting outstanding principal and interest into Class A Ordinary shares. Additionally, DDC raised $1.7 million through a private placement of Class A Ordinary shares with four investors. These transactions resulted in the issuance of approximately 9.5 million Class A Ordinary shares.
CEO Norma Chu expressed enthusiasm about the creditors' support and the positive impact on the company's balance sheet. The proceeds will be used for working capital and other corporate purposes, supporting brand growth and expanded distribution channels. The securities were offered and sold in a private transaction and are not registered under the Securities Act of 1933.
DayDayCook (NYSEAM: DDC) announced that the NYSE American has accepted its plan to regain compliance with listing standards. The acceptance came after DDC submitted its compliance plan on May 23, 2024, and received notice on July 9, 2024. The company has until October 23, 2025, to meet the compliance requirements, with quarterly monitoring until then. Failure to comply by the deadline will result in delisting proceedings. Despite not currently meeting the standards, DDC's listing is being continued due to the granted extension.
DayDayCook is a leading Asian consumer food company offering a range of ready-to-eat, ready-to-cook, and ready-to-heat products. Their portfolio includes brands like DayDayCook, Omsom, Nona Lim, Yai’s Thai, MengWei, and Yujia Weng.
DayDayCook (NYSEAM: DDC) has appointed Betty Liu to its Advisory Board. Liu, formerly Executive Vice Chairman of the NYSE, brings extensive experience in the US capital markets and a robust network from her tenure at the NYSE. Founder and CEO Norma Chu highlighted Liu's entrepreneurial spirit and resilience, viewing her guidance as pivotal for DayDayCook’s growth.
Betty Liu's career includes roles at Intercontinental Exchange, founding D and Z Media Acquisition Corp. (NYSE: DNZ), and Radiate. She's also a published author and serves on the boards of L'Occitane International and Captivision. Liu expressed enthusiasm for helping expand DDC's Asian cuisine brands in North America, noting the category's popularity among Gen-Z and millennials.
DayDayCook (NYSEAM: DDC), a leading content-driven food consumer brand, has appointed Jeffrey Ervin as Co-Chief Financial Officer, effective immediately. Ervin, with over 20 years of experience in corporate finance, will focus on overseeing financial controls, reporting requirements, and investor engagement in the U.S. market. He previously served as CEO of IMAC Holdings and VP of Finance at Medicare.com and Baptist Hospital System. This appointment aligns with DayDayCook's growth strategy in expanding U.S. operations, following recent acquisitions aimed at enhancing distribution and market presence. The Compensation Committee has awarded Ervin an option covering 100,000 shares of DDC’s Class A Ordinary Shares, vesting over four years.
DayDayCook (NYSEAM: DDC) has appointed Malik Sadiq as its Chief Operating Officer, effective immediately. Sadiq, who brings over 25 years of global food and beverage experience, including a tenure at Tyson Foods where he grew revenues to $2B, will focus on integrating and expanding DayDayCook's brands globally. His appointment is part of DDC's strategy to scale its recent acquisitions, Noma Lin, Yai’s Thai, and Omsom, and bolster its position as a leading Asian food brand.
CEO Norma Chu praised Sadiq's expertise in driving growth and operational efficiency, both organically and through M&A. Sadiq expressed enthusiasm for contributing to DDC's strategy of acquiring and scaling authentic Asian brands.
DayDayCook (NYSEAM: DDC) has acquired Omsom, an Asian food brand known for its Cooking Sauces and Saucy Noodles. The acquisition involves a mix of cash and stock over four years, aiming to accelerate product innovations and streamline operations. DDC's growing U.S. brand portfolio now includes Omsom, Nona Lim, and Yai's Thai. The integration of these brands is expected to enhance synergies and profitability. Omsom, founded in 2020 by Vanessa and Kim Pham, has seen a 324% year-over-year revenue increase in Q1 2024 and expanded its retail presence to over 2000 stores. Additionally, 160,000 DDC shares have been granted to five new non-executive employees from Omsom as part of their employment packages.
DDC Enterprise (NYSE American: DDC) announced it received a noncompliance notice from NYSE Regulation on May 16, 2024. The company failed to timely file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, which was due on May 15, 2024. According to Section 1007 of the NYSE American Company Guide, DDC has six months to submit the required filing to regain compliance. If it fails to do so, an additional six-month cure period may be granted. Failure to comply could lead to suspension and delisting. The NYSE Notice does not affect DDC's business operations or SEC reporting obligations. DDC's shares continue to trade on the NYSE American.
DDC Enterprise , listed on NYSE American as DDC, received a notice from the Exchange indicating noncompliance with stockholders' equity requirements. The Company reported a deficit and losses in recent fiscal years, prompting the need for a compliance plan to avoid delisting.
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