Welcome to our dedicated page for Farmmi news (Ticker: FAMI), a resource for investors and traders seeking the latest updates and insights on Farmmi stock.
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, Inc. (NASDAQ: FAMI) announced a Nasdaq compliance notification due to its ordinary shares trading below $1.00 for 30 consecutive business days. The Company has a compliance period until November 30, 2021, to regain compliance. If the share price reaches $1.00 for 10 consecutive business days within this period, Nasdaq will confirm compliance. FAMI may also be eligible for an additional 180-day grace period if compliance is not achieved by the deadline. The announcement emphasizes the ongoing trading of FAMI shares despite this notification.
Farmmi, Inc. (NASDAQ: FAMI) announced its subsidiary, Zhejiang Farmmi Food Co., Ltd., is attending the second China Edible Fungi Industry Expo from June 3-5, 2021, in Fuzhou, Fujian. Chairwoman and CEO Yefang Zhang emphasized the expo's importance for expanding sales and engaging with partners. The event will cover 16,000 square meters with nearly 300 enterprises participating and over 10,000 expected attendees. The Expo will showcase a wide range of edible fungi products and aims to enhance market integration within the industry.
Farmmi, Inc. (NASDAQ: FAMI) has announced a significant sales victory through its subsidiary, Zhejiang Forest Food Co., Ltd., receiving a multi-product order for dried Shiitake mushrooms and black fungus to be exported to Israel. The company attributes its growth to robust global demand and strong supplier relationships. Chairwoman and CEO Yefang Zhang emphasized Farmmi's competitive position in the market and its commitment to expanding its market share in high-quality agricultural products. This announcement underscores Farmmi's focus on international expansion amidst ongoing demand.
Farmmi, Inc. (NASDAQ: FAMI), a leading agricultural products supplier in China, showcased its expanded product line at the 2021 SIAL China, Asia's largest food innovation exhibition held in Shanghai from May 18-22, 2021. The event allowed the company to connect with potential partners and enhance its brand visibility. CEO Yefang Zhang reported positive momentum in sales and growing interest in Farmmi's comprehensive service strategy. This participation highlights Farmmi's commitment to growth and innovation within the agriculture sector.
Farmmi, Inc. (NASDAQ: FAMI) announced the establishment of Zhejiang Farmmi Agricultural Supply Chain Co., Ltd. to improve its position in China's agricultural sector. The company aims to address inefficiencies in the industry, such as transportation delays and demand prediction issues, while expanding its logistics network. With a digital penetration rate of only 8% in agriculture compared to 36% in other industries, Farmmi sees opportunities in digitization and e-commerce growth. The strategy includes investing in local storage facilities to enhance supply chain capabilities.
Farmmi, Inc. (NASDAQ: FAMI), a supplier of agricultural products in China, has secured a multi-product order for dried Shiitake mushrooms and black fungus to be exported to Israel. This highlights the growing global demand for mushrooms. CEO Yefang Zhang emphasized the company's competitive advantage from investments in supply chain and logistics, which enhance their sourcing of high-quality mushrooms. Farmmi aims to capture an increased market share as mushrooms gain popularity for their nutritional benefits, positioning the company well for future growth.
Farmmi, Inc. (NASDAQ: FAMI) announced a multi-product export order to Japan for its dried mushrooms and black fungus, reflecting strong global demand. This order, a repeat from an existing customer, highlights Farmmi’s growth strategy in the mushroom sector, bolstered by increased sales in the wellness market. CEO Yefang Zhang emphasized the company's improved financial position following a recent public offering, setting the stage for accelerated growth through a more robust supply chain and sales network.
Farmmi, Inc. (NASDAQ:FAMI) successfully completed a $48.3 million upsized underwritten public offering of ordinary shares, facilitated by Aegis Capital Corp. as the sole bookrunner. This offering included the exercise of an over-allotment option, reflecting strong investor interest in Farmmi's agricultural products, particularly its focus on Shiitake and Mu Er mushrooms. Established in May 2003 by Yefang Zhang and Zhengyu Wang, Farmmi continues to expand its market presence in the edible fungi sector.
Farmmi, Inc. (NASDAQ: FAMI) has successfully completed an upsized underwritten public offering, raising approximately $48.3 million in gross proceeds. Originally set at $35 million, the offering was increased to $42 million to accommodate demand. The offering includes 140 million ordinary shares at $0.30 per share, with an additional 21 million shares from the underwriter's over-allotment option. Proceeds will be allocated for working capital and general corporate purposes, supporting the company's growth in the agricultural sector.
Farmmi, Inc. (NASDAQ: FAMI) announced an upsized underwritten public offering expected to generate approximately $42.0 million in gross proceeds from the sale of 140,000,000 ordinary shares at $0.30 per share. The offering is set to close on May 3, 2021, pending customary conditions. Additionally, a 45-day over-allotment option may raise total gross proceeds to $48.3 million. The funds will be allocated for working capital and general corporate purposes. Aegis Capital Corp. is the sole book-running manager.
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