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Farmmi, Inc. (NASDAQ: FAMI) is a well-established supplier, processor, and retailer of agricultural products, specializing in edible mushrooms such as Shiitake and Mu Er, alongside other agricultural products. Founded in 1998, the company has expanded its reach by selling products both online and offline. Farmmi's offerings are known for their high quality, making them popular both within mainland China and internationally.
Recently, Farmmi announced a significant high-volume order for the UK market, half of which is for new customers. This order includes dried and sliced mushrooms, showcasing the company's growing global footprint. Farmmi's strong manufacturing, supply chain, and logistics partnerships have helped contain costs and combat inflation, thereby maintaining stable pricing for its customers. The company aims to use this momentum to further solidify its global brand and achieve profitable revenue growth.
For the six months ending March 31, 2023, Farmmi reported record revenue driven by new growth segments. This achievement came despite a challenging supply chain and logistics environment. The company’s focus on its core agricultural products, combined with new ventures into tapioca and cornstarch trading, underscores its ambition to establish a scalable platform for matching suppliers and customers.
In September 2023, Farmmi shareholders approved a one-for-eight share consolidation to regain compliance with Nasdaq listing requirements. This move is expected to help the company maintain its market presence while continuing to focus on long-term growth and value creation for its shareholders.
Farmmi has also made strides in expanding its customer base in emerging markets. The company received repeat high-volume orders for its dried Shiitake mushrooms from customers in Lebanon, Chile, Canada, and Jordan, among others. These orders highlight Farmmi's commitment to customer support and its ability to leverage local sales and distribution networks effectively.
Overall, Farmmi's robust business model, diversified product portfolio, and strategic market expansions position it well for future growth. The company's strong financial health, exemplified by a cash balance of $69.4 million as of March 31, 2023, and successful handling of operational challenges, further bolster its growth prospects.
Farmmi announced that its subsidiary, Farmmi USA, has entered into a strategic cooperation agreement with Mazon Technology for warehousing and logistics services. The partnership could potentially generate $10 million in annual orders for Farmmi USA. This development follows the launch of Farmmi's warehousing logistics base in California in August 2024. The services include one-piece delivery, shipping container warehousing, and customs clearance agency services. The company views this as a significant step in expanding its warehousing and logistics business operations.
Farmmi (NASDAQ: FAMI), a Chinese agriculture products supplier, has received a 180-day extension from NASDAQ to meet the minimum bid price requirement. The extension, granted on October 22, 2024, gives the company until April 21, 2025 to achieve compliance. To comply, Farmmi's ordinary shares must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days.
Farmmi (Nasdaq: FAMI), a Chinese agriculture products supplier, has announced a $1.0 million registered direct offering of 3,433,167 ordinary shares. The company will also issue Series A warrants to purchase up to 3,433,167 ordinary shares in a concurrent private placement. The combined effective offering price is $0.30 per ordinary share and accompanying warrant. The Series A warrants are immediately exercisable, expire in five years, and have an initial exercise price of $0.75 per share, subject to adjustments. Maxim Group is acting as the sole placement agent. The offering is expected to close around August 26, 2024, subject to customary closing conditions. The ordinary shares are being offered under a shelf registration statement, while the warrants are offered in a private placement under Section 4(a)(2) of the Securities Act of 1933.
Farmmi Inc (NASDAQ: FAMI), a Chinese agriculture products supplier, has announced the successful opening of its new warehouse and distribution center in Los Angeles, California on August 12, 2024. The center received warehousing orders for 28 shipping containers on its first day of operations, exceeding management's expectations. This launch marks a significant step in Farmmi's international expansion strategy and organic growth efforts.
The company acquired the right to use a large storage facility in Los Angeles in July 2024 and spent nearly a month preparing for the trial operations. With over 20 years of experience in the Chinese agricultural products industry, Farmmi aims to leverage its stable international customer base and operational expertise to accelerate its development in North America.
Farmmi, Inc. (NASDAQ: FAMI), a Chinese agriculture products supplier, has announced a significant expansion of its North American operations. The company's subsidiary, FARMMI USA INC., has signed a sublease agreement for a large distribution and storage center in the Los Angeles area, California. The facility, managed by Ryder Truck Rental inc., spans 636,000 square feet, with 315,000 square feet of warehouse space and includes a dedicated rail line for sea-rail intermodal transportation.
This move marks a major step in Farmmi's global expansion strategy and is expected to enhance the company's international cooperation capabilities. CEO Yefang Zhang emphasized that this development represents a breakthrough towards Farmmi's globalization goals and is aimed at creating greater value for shareholders.
Farmmi, a China-based agricultural products supplier, announced that its subsidiary, Zhejiang Farmmi Food Co., , has received the 'Agricultural Products Sales King' award from the Lishui municipal authority. Recognized through a rigorous selection process involving onsite visits and evaluations, this award underscores Farmmi's commitment to accelerating sales growth. CEO Yefang Zhang highlighted the company's strategic investments in infrastructure, supply chain partnerships, and warehousing systems, which are key to their success. Despite past challenges from COVID-19 and supply chain issues, Farmmi has emerged stronger, focusing on expanding its core agricultural business and exploring new growth opportunities. The company aims to play a leading role in Lishui's agriculture market by providing professional and standardized services and promoting high-quality green development in rural areas.
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