MamaMancini's Holdings, Inc. - MMMB STOCK NEWS

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) has announced a significant market test with H.T. Hackney Company to distribute its Meatballs in a Cup and Meals for One in 47 select convenience store locations. This collaboration targets the expansive food service market, which includes 300,000 potential locations across the Eastern United States. The products are set for shipping in September 2022, and success in this test could lead to broader distribution, enhancing MamaMancini's position in the growing food service sector.

MamaMancini's Holdings (NASDAQ: MMMB) announced its participation in three upcoming investor events: the Proactive Investors One2One Virtual Forum on August 9, Q3 Investor Summit on August 16, and LD Micro Main Event XV on October 25, 2022. CEO Carl Wolf and incoming CEO Adam Michaels will represent the company at these events. The presentations are aimed at enhancing investor engagement and will be accessible through webcasts. MamaMancini's is focused on becoming a leading distributor of fresh, easy-to-prepare foods, offering products across over 45,000 locations nationwide.

MamaMancini's Holdings (NASDAQ: MMMB) has announced securing over 4,000 new shelf spots at tier-1 retailers, expected to propel annualized sales beyond $100 million by fiscal year end. Key placements include BJ’s Club Stores, Hannaford, Albertsons, and Shop Rite, among others. These new product placements encompass a variety of meals and meat products, with shipments commencing between August and October 2022. The company's growth strategy aims to enhance its national footprint and product offerings.

MamaMancini's Holdings (NASDAQ: MMMB) has signed an agreement to acquire a 24% minority interest in Chef Inspirational Foods for $1.2 million, which includes $500,000 in cash and $700,000 in common stock. Chef Inspirational Foods, a leading developer of fresh and frozen prepared foods, expects gross sales of $30 million for 2022. This investment is expected to be immediately accretive to net income and enhances MamaMancini's logistics and product development. MamaMancini's retains an option to purchase the remaining interest within a year for an additional $3.8 million.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a distributor of all-natural pre-prepared foods, has been added to the Russell Microcap® Index as of June 27, 2022. This inclusion underscores the company's growth and operational execution, enhancing its institutional investor base. Membership in this index is valid for a year and allows inclusion in relevant growth and value style indexes. The announcement reflects MamaMancini's efforts in expanding its market presence and delivering strong financial results for shareholders.

MamaMancini's Holdings (NASDAQ: MMMB) announced the retirement of CEO Carl Wolf, effective September 6, 2022. Adam L. Michaels, an experienced executive from Mondelez International, will succeed him and also join the Board of Directors. Wolf will remain as Chairman. Michaels brings a wealth of knowledge in the food industry, aiming to accelerate growth through innovation and M&A. He expressed enthusiasm for MamaMancini's strong product portfolio and retail relationships. This leadership transition is expected to bolster the company's market position and enhance shareholder value.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) announced record revenues for Q1 Fiscal 2023, surging 111.7% to $21.8 million compared to $10.3 million in the prior year. Gross profit rose to $3.9 million, but margins compressed to 17.7% due to inflationary pressures on raw materials and freight costs. Operating expenses increased 44.4% to $3.6 million. Net income fell 69.4% to $0.1 million, with adjusted EBITDA down 34.5% to $0.7 million. Management remains optimistic about future growth, targeting a $100 million annualized sales run-rate by year-end, supported by product innovations and acquisitions.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) has appointed Mike Kay, an M&A expert and former Special Forces Officer, to its Board of Directors, effective immediately. Kay, who has extensive experience in strategic management and due diligence, replaces Patrick Connor Haley, who resigned to focus on other business commitments. CEO Carl Wolf expressed confidence in Kay's leadership capabilities, noting the value he brings to the company as it pursues growth strategies. The company specializes in all-natural pre-prepared foods and maintains a robust presence across various retail channels.

MamaMancini's Holdings, Inc. (NASDAQ: MMMB) will announce its financial results for Q1, which ended on April 30, 2022, before market open on June 15, 2022. An investor conference call is scheduled for the same day at 8:30 a.m. Eastern time, providing insights into the results and a corporate update. The company specializes in marketing a range of pre-prepared, frozen, and refrigerated food products, including meatballs and pasta bowls, sold in over 45,000 locations across the U.S.