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) has appointed Prudence Kuai as a new board member as of January 17, 2023. Kuai brings 25 years of experience in the healthcare industry, particularly in technology and operations. Her background includes leadership roles in IT and a focus on merging and acquisition strategies. The board now consists of four independent directors alongside CEO Peter Zhang. Chairman Russell T. Libby emphasized that Kuai's expertise will enhance the company's growth and modernization efforts in the food distribution sector, particularly serving Asian restaurants across the U.S.
HF Foods Group Inc. (NASDAQ: HFFG) announced it received a notification from Nasdaq on November 14, 2022, regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing required reports, including its Q3 Form 10-Q and previous delinquent filings. Nasdaq granted an extension of delisting proceedings until January 31, 2023, with the company required to update the Hearings Panel by December 30, 2022. Management is working to resolve complex accounting issues linked to an ongoing investigation. The notification has no immediate effect on stock listing or trading.
HF Foods Group Inc. (HFFG) reported a 40% increase in net revenue for Q3 2022, reaching $300.7 million, up from $215.5 million in Q3 2021. The gross profit also rose by 24% to $52.1 million, although the gross profit margin decreased to 17.3% from 19.4% in 2021 due to lower margins on seafood sales from recent acquisitions. The company has faced delays in filing financial results due to ongoing accounting reviews related to its 2019 B&R Merger. Despite these challenges, management remains optimistic about future growth and profitability.
HF Foods Group Inc. (NASDAQ: HFFG) received a Staff Delisting Determination from Nasdaq on September 28, 2022, for failing to comply with Listing Rule 5250(c)(1) due to untimely filings of its periodic reports. The company is appealing the decision and is seeking a hearing to present its compliance plan. The ongoing filing delays relate to accounting issues from the B&R Global Holdings merger and an SEC investigation. HF Foods aims to file all delinquent reports as soon as possible, although no assurance can be given regarding timeliness or appeal success.
HF Foods Group Inc. (NASDAQ: HFFG) announced that it received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Quarterly Report on Form 10-Q for Q2 2022. This notification follows a previous one regarding the Q1 report. The company submitted a Notification of Late Filing on Form 12b-25 to address ongoing accounting reviews related to its 2019 business combination with B&R Global Holdings. Management is actively working to resolve these issues and intends to regain compliance with Nasdaq's listing requirements promptly.
HF Foods Group Inc. (HFFG) reported a strong 55% increase in net revenue, reaching approximately $299.6 million for Q2 2022, compared to $193.5 million in Q2 2021. Despite this growth, gross profit margin decreased from 18.2% to 17.4%, attributed to a shift in product mix towards seafood sales. The company is currently unable to file its 10-Q due to unresolved SEC comments stemming from its 2019 merger. Liquidity remains solid with $18.8 million in cash and access to $40 million through a line of credit.
HF Foods Group Inc. (NASDAQ: HFFG) announced the appointment of Mr. Carlos A. Rodriguez as Chief Financial Officer effective on or before August 1, 2022. With over 25 years in finance, Rodriguez previously served as Chief Accounting Officer at General Life Sciences. CEO Peter Zhang highlighted Rodriguez's expertise in SEC reporting and M&A due diligence as vital for the company's growth. Valerie Chase, Audit Committee Chairwoman, expressed confidence in Rodriguez's ability to deliver long-term shareholder value.
HF Foods Group Inc. (NASDAQ: HFFG) has appointed Jose Maroto to its board of directors as of July 1, 2022. With 29 years in the foodservice industry, his experience includes successful ventures in Costa Rica and Panama. Maroto's addition aims to strengthen the board's expertise, enhancing support for management in distribution operations and expansion. Concurrently, Felix Lin stepped down as a director but will continue as Chief Operating Officer and interim Chief Financial Officer. The board now includes four independent directors, offering a diversified leadership structure.
HF Foods Group Inc. (NASDAQ: HFFG) received a notification from Nasdaq on May 12, 2022, regarding non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Quarterly Report on Form 10-Q for Q1 2022. This follows a prior notification concerning its Annual Report on Form 10-K for the year ended December 31, 2021. The Company has 60 days to submit a plan for regaining compliance. Despite the notification, the letter does not affect the current trading status of HFFG on Nasdaq.
HF Foods Group Inc. (HFFG) reported record first quarter results for 2022, with net revenue increasing 75% to $278.2 million from $159.4 million a year earlier. Gross profit rose 74% to $51.3 million, maintaining margins despite inflationary pressures. The surge in revenue was attributed to a strong recovery in restaurant demand post-pandemic, aided by the acquisition of Great Wall Group and Sealand Food, which expanded their distribution network to 46 states. However, the company awaits resolution on SEC comments regarding a previous merger, delaying the filing of its 10-Q.
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