Innovative Food Holdings, Inc. Announces Corporate Name Change to Harvest Group Holdings, Inc., A Reverse Stock Split, and Private Placement, in Preparation for Uplisting to Nasdaq
Innovative Food Holdings (OTCQB: IVFH) announced three major corporate updates: a name change to Harvest Group Holdings, stockholder approval for a reverse stock split, and a $3.25 million private placement. The company plans to execute a reverse stock split at a ratio between 1:3 and 1:7 to meet Nasdaq listing requirements.
The private placement involves issuing 2,031,250 shares at $1.60 per share, primarily to company insiders. The proceeds will support working capital and general corporate purposes. These strategic moves are part of IVFH's preparation for uplisting to Nasdaq, targeted for the first half of 2025.
The rebranding follows significant operational changes, including the divestment or closure of eight entities and the launch of new retail and drop-ship businesses. The new name reflects the company's focus on delivering fresh and artisanal products from source.
Innovative Food Holdings (OTCQB: IVFH) ha annunciato tre importanti aggiornamenti aziendali: un cambio di nome in Harvest Group Holdings, l'approvazione da parte degli azionisti per un frazionamento azionario inverso e un collocamento privato di 3,25 milioni di dollari. L'azienda prevede di eseguire un frazionamento azionario inverso con un rapporto tra 1:3 e 1:7 per soddisfare i requisiti di quotazione del Nasdaq.
Il collocamento privato prevede l'emissione di 2.031.250 azioni a 1,60 dollari per azione, principalmente a favore di insider dell'azienda. I proventi supporteranno il capitale di lavoro e le spese aziendali generali. Queste mosse strategiche fanno parte della preparazione di IVFH per essere quotata al Nasdaq, obiettivo previsto per la prima metà del 2025.
Il rebranding segue significative modifiche operative, tra cui la dismissione o chiusura di otto entità e il lancio di nuove attività di vendita al dettaglio e drop-ship. Il nuovo nome riflette l'impegno dell'azienda nella fornitura di prodotti freschi e artigianali direttamente alla fonte.
Innovative Food Holdings (OTCQB: IVFH) anunció tres importantes actualizaciones corporativas: un cambio de nombre a Harvest Group Holdings, la aprobación por parte de los accionistas para una división de acciones inversa y una colocación privada de 3,25 millones de dólares. La empresa planea ejecutar una división de acciones inversa con una relación de entre 1:3 y 1:7 para cumplir con los requisitos de cotización del Nasdaq.
La colocación privada implica la emisión de 2.031.250 acciones a 1,60 dólares por acción, principalmente a directivos de la empresa. Los ingresos apoyarán el capital de trabajo y los propósitos corporativos generales. Estos movimientos estratégicos son parte de la preparación de IVFH para ser listada en el Nasdaq, con un objetivo para la primera mitad de 2025.
El cambio de marca sigue cambios operativos significativos, incluida la desinversión o cierre de ocho entidades y el lanzamiento de nuevos negocios de venta al por menor y envío directo. El nuevo nombre refleja el enfoque de la empresa en ofrecer productos frescos y artesanales desde la fuente.
Innovative Food Holdings (OTCQB: IVFH)는 세 가지 주요 기업 업데이트를 발표했습니다: Harvest Group Holdings로의 이름 변경, 주주들의 역분할 승인, 그리고 325만 달러의 사모펀드입니다. 이 회사는 Nasdaq 상장 요건을 충족하기 위해 1:3에서 1:7 사이의 비율로 역분할을 실행할 계획입니다.
사모펀드는 기업 내부인을 주로 대상으로 주당 1.60달러에 2,031,250주를 발행하는 것과 관련이 있습니다. 수익금은 운영 자금과 일반 기업 목적을 지원하는 데 사용됩니다. 이러한 전략적 조치는 IVFH가 Nasdaq에 상장되기 위한 준비의 일환으로 2025년 상반기를 목표로 합니다.
브랜딩 변경은 여덟 개의 사업체에 대한 축소 또는 폐쇄와 새로운 소매 및 드롭 배송 비즈니스의 출범을 포함한 중요한 운영 변화를 따릅니다. 새로운 이름은 회사가 출처에서 신선하고 장인 제품을 제공하는 데 주력하고 있음을 반영합니다.
Innovative Food Holdings (OTCQB: IVFH) a annoncé trois mises à jour majeures : un changement de nom en Harvest Group Holdings, l'approbation par les actionnaires d'une division d'actions inversée et un placement privé de 3,25 millions de dollars. L'entreprise prévoit d'exécuter une division d'actions inversée dans un rapport entre 1:3 et 1:7 afin de répondre aux exigences de cotation du Nasdaq.
Le placement privé comprend l'émission de 2.031.250 actions à 1,60 dollars par action, principalement à des initiés de l'entreprise. Les produits serviront à soutenir le fonds de roulement et les besoins généraux de l'entreprise. Ces mouvements stratégiques font partie de la préparation d'IVFH pour une inscription sur le Nasdaq, prévue pour le premier semestre de 2025.
Le changement de marque fait suite à d'importants changements opérationnels, y compris la cession ou la fermeture de huit entités et le lancement de nouvelles activités de vente au détail et de dropshipping. Le nouveau nom reflète l'engagement de l'entreprise à fournir des produits frais et artisanaux directement de la source.
Innovative Food Holdings (OTCQB: IVFH) hat drei wichtige Unternehmensaktualisierungen angekündigt: eine Umbenennung in Harvest Group Holdings, die Genehmigung der Aktionäre für einen Reverse-Split und eine Privatplatzierung über 3,25 Millionen Dollar. Das Unternehmen plant, einen Reverse-Split im Verhältnis von 1:3 bis 1:7 durchzuführen, um die Anforderungen für eine Nasdaq-Listung zu erfüllen.
Die Privatplatzierung umfasst die Ausgabe von 2.031.250 Aktien zu je 1,60 Dollar, hauptsächlich an Unternehmensinsider. Die Einnahmen werden zur Unterstützung des Betriebskapitals und allgemeiner Unternehmenszwecke verwendet. Diese strategischen Schritte sind Teil der Vorbereitung von IVFH auf die Listung an der Nasdaq, die für die erste Hälfte des Jahres 2025 angestrebt wird.
Die Umbenennung folgt bedeutenden betrieblichen Veränderungen, einschließlich der Veräußertung oder Schließung von acht Einheiten und der Einführung neuer Einzelhandels- und Drop-Ship-Geschäfte. Der neue Name spiegelt den Fokus des Unternehmens wider, frische und handwerkliche Produkte direkt von der Quelle anzubieten.
- Secured $3.25 million in new equity capital through private placement
- Strategic restructuring completed with divestment of eight entities
- Potential uplisting to Nasdaq in first half of 2025
- Launch of new retail business and expansion of drop-ship operations
- Potential shareholder dilution from new share issuance
- Upcoming reverse stock split will reduce number of outstanding shares
BONITA SPRINGS, Fla., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today announced significant corporate updates, including a planned name change to Harvest Group Holdings, Inc., the stockholder approval of a reverse stock split, and the successful execution of securities purchase agreements (the “SPA”) for a private placement (the “Private Placement”) to raise
Strategic Updates in preparation for Nasdaq uplisting
- Name Change: Over the last year and a half, CEO Bill Bennett and his team have dramatically changed the focus and business model of the Company. These actions have included divesting, inactivating, or shutting down eight previously operating entities within the corporate structure, while simultaneously launching a new large retail business and new customers within its drop ship business. Accordingly, the Company will rebrand as Harvest Group Holdings, Inc. to reflect its growth strategy and new focus. The new name underscores IVFH’s commitment to its vision of delivering fresh and artisanal products from as close to the source as possible, while still being a broad enough brand to encompass the many growth opportunities ahead. The Company website, logo, and other Company branding will be updated over the coming weeks after the finalization of the name change.
- Reverse Stock Split: The Board and the holders of a majority of the Company’s issued and outstanding stock have authorized a reverse stock split of the Company’s common stock at a ratio between one-for-three and one-for-seven, which may enable the Company’s share price to meet the stock price element of the initial listing requirements of The Nasdaq Capital Market (“Nasdaq”).
- Private Placement Financing: Under the SPA, the Company will issue 2,031,250 shares of common stock at
$1.60 per share, raising gross proceeds of$3.25 million . The capital raised will be used to enhance working capital and fund general corporate purposes. This modest raise, largely from Company insiders, is intended to help the Company continue to lean into its growth opportunities, and meet the minimum shareholder equity requirements of Nasdaq. - Nasdaq Uplisting: With the above actions, the Company management believes the Company is in a strong position to navigate the uplisting process, which it is kicking off in earnest. Pending all necessary approvals, the Company hopes to complete the uplisting process in the first half of 2025.
CEO Statement
Bill Bennett, Chief Executive Officer of IVFH, commented, “These milestones represent a transformative chapter for our Company as we continue to build a strong foundation for future success. The name change to Harvest Group Holdings reflects our vision for future growth and broader market opportunities. Combined with the reverse stock split and new equity capital, these initiatives will drive shareholder value, prepare us for a Nasdaq uplisting, and enhance our ability to serve the evolving needs of our customers and partners.”
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world’s best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect.” Additional factors that could also cause actual results to differ materially relate to international crises, environmental and economic issues and other risk factors described in the Company’s public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.
Investor and Media contact:
Gary Schubert
Chief Financial Officer
Innovative Food Holdings, Inc.
investorrelations@ivfh.com
FAQ
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