Welcome to our dedicated page for HF Foods Group news (Ticker: HFFG), a resource for investors and traders seeking the latest updates and insights on HF Foods Group stock.
HF Foods Group Inc. (symbol: HFFG) is a dynamic foodservice company, formerly known as Atlantic Acquisition Corp. The organization operates through its subsidiary, HF Group Holding Corporation, as a leading food service distributor specializing in meeting the needs of Asian and Chinese restaurants primarily in the southeastern United States. HF Foods Group serves over 3,200 restaurants spread across 10 states, offering a diverse range of products including fresh produce, seafood, frozen and dry food, and non-food items.
With a focus on the Asian culinary market, HF Foods Group has carved out a niche by providing a comprehensive selection of high-quality ingredients and supplies tailored to the unique requirements of Chinese and Asian eateries. The company is dedicated to delivering exceptional service, primarily servicing customers who speak Mandarin or other Chinese dialects, ensuring effective communication and strong customer relationships.
HF Foods Group Inc. continuously strives for growth and innovation. Recent achievements include expanding its distribution capabilities and enhancing its product portfolio to better serve its diverse clientele. Current projects aim at furthering market penetration and improving the efficiency of its supply chain, ensuring that customers receive fresh and top-tier products promptly.
In terms of financial condition, HF Foods Group has shown resilience and adaptability, maintaining a stable position in the competitive foodservice sector. Strategic partnerships and a solid customer base contribute to the company's robust business model. As an investor looking for updates and developments related to HF Foods Group Inc., you'll find the company's performance, ongoing projects, and latest news crucial in gauging its market trajectory.
Latest News:
- Partnership with new suppliers to enhance product variety.
- Expansion into additional states to widen market reach.
- Introduction of new technology for better inventory management.
HF Foods Group Inc. (NASDAQ: HFFG), a top distributor for Asian restaurants in the U.S., announced a proposed settlement regarding a pending stockholder derivative complaint in Delaware. This settlement relates to certain current and former officers and directors and aims to resolve existing and potential liabilities. The agreement is subject to court approval and will lead to the dismissal of the case with prejudice. This resolution is expected to free up board and management resources, allowing HF Foods to focus on its operations during a pivotal year. The company emphasizes its commitment to investor transparency and corporate governance.
Further details will be available in a Current Report on Form 8-K filed with the SEC.
HF Foods Group Inc. (NASDAQ: HFFG) announced a new stockholder rights plan to protect against potential undisclosed stock accumulation and group formation activities that could undermine stockholders' value. The plan includes a dividend distribution of one 'Right' for each outstanding share, effective for stockholders of record as of April 24, 2023. The Board believes this measure will secure the interests of all stockholders by ensuring that control of the company cannot be assumed without an appropriate premium. The Rights Plan activates if any entity acquires 15% or more of the stock. While the Board has not pursued selling the company, it highlights its commitment to unlocking shareholder value. The plan is set to expire on April 11, 2024. Further details will be provided in an upcoming SEC filing.
HF Foods Group Inc. (NASDAQ: HFFG) announced the filing of its 2022 Annual Report and scheduled its Annual Meeting for June 1, 2023. The record date for stockholders entitled to vote is April 6, 2023. The meeting aims to resolve the pending Nasdaq delisting determination, signifying compliance with Nasdaq Listing Rule 5620(a). CEO Peter Zhang highlighted improvements in corporate governance and ongoing sales growth amidst challenges faced over the last two years. The company continues to expand its national footprint and is committed to transparency and engagement with investors.
HF Foods Group Inc. (HFFG) reported a 47% increase in net revenue for 2022, reaching $1.17 billion, primarily due to successful acquisitions and recovering demand post-COVID-19. However, the company faced a 99% drop in net income to $0.2 million, attributed to rising distribution expenses and legal costs related to SEC investigations. The fourth quarter also saw net revenue rise by 28% to $291.9 million, but gross profit margins fell to 17.4%.
Management expresses optimism for future growth, citing a robust distribution network serving over 15,000 customers nationwide and improvements in operational efficiency.
HF Foods Group Inc. (NASDAQ: HFFG), a food distributor to Asian restaurants, plans a Combined Shareholders Meeting by June 30, 2023, to regain compliance with Nasdaq Listing Rule 5620(a). The company recently complied with Nasdaq filing requirements and will submit its Annual Report on Form 10-K for 2022 in March 2023. The board assures shareholders that despite addressing legacy financial matters, they continue to execute strategies for value creation. With 18 distribution centers and a customer base of over 15,000 across 46 states, HF Foods aims to meet the growing demand for Asian cuisine.
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