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In Q2 2022, The Very Good Food Company (VGFC) reported a 46% decline in revenue to $1.5 million compared to Q2 2021, mainly due to an 83% drop in eCommerce sales. However, wholesale revenue surged 117% to $987k, reflecting growth in distribution channels. General and administrative expenses decreased 57% to $2.9 million, aiding a 46% reduction in net loss to $6.7 million. The company remains focused on wholesale and food service channels, while liquidity issues persist with cash reducing to approximately $6.2 million, requiring additional financing by September.
The Very Good Food Company (NASDAQ: VGFC) announced an expansion into the Eastern U.S. market with Weis Markets, covering 150 store locations. Weis, operating 196 supermarkets across several states, has chosen products from Very Good Butchers, including Flippin Good Burger and Mmm Meatballs. This partnership is part of Very Good's strategy to enhance its retail presence in major U.S. metropolitan areas. CEO Parimal Rana emphasized the goal of reaching key markets and satisfying local demand for plant-based offerings.
The Very Good Food Company (NASDAQ: VGFC) announces the approval of stock options for 3,715,000 common shares. The options are priced at $0.305, the closing price on July 13, 2022, and will vest over 12 months, with 25% vesting every four months. This grant is part of the company's stock option plan. The options will expire in three years, on July 14, 2025. VERY GOOD specializes in plant-based food products aimed at promoting healthier food choices.
The Very Good Food Company (NASDAQ: VGFC) announces the appointment of Saul Cooperstein as an independent director effective July 13, 2022. Cooperstein brings over 20 years of experience in food and beverage, technology, and finance. Additionally, the company has been granted an extra 180 days to comply with the US$1 minimum bid price requirement set by Nasdaq, extending the deadline to January 9, 2023. Failure to meet this price could lead to delisting. The company aims to navigate its strategy and regain compliance during this period.
The Very Good Food Company (NASDAQ: VGFC) announced the appointment of Pratik Patel as Chief Financial Officer, effective July 25, 2022. With over 15 years of experience in senior finance roles, including Head of Finance at Bardel Entertainment, Patel's expertise is expected to aid the company's stabilization and growth efforts. CEO Parimal Rana emphasized his leadership track record as a valuable addition to the team, aligning with the company's mission to innovate in the plant-based food sector.
The Very Good Food Company (NASDAQ: VGFC) announced a retail expansion agreement with The Giant Company, increasing its product availability across 130 stores in Pennsylvania, Maryland, Virginia, and West Virginia. The expansion includes products like Mmm Meatballs, Cajun Sausage, and The Stuffed Beast, aligning with Giant's strategy to enhance its plant-based food offerings. This agreement aims to attract a diverse customer base, from vegetarians to flexitarians, and is expected to boost Very Good's market presence in the Eastern U.S.
The Very Good Food Company (NASDAQ: VGFC) announced significant leadership changes on July 4, 2022. Interim Co-CEO Matthew Hall will transition to an advisory role, while Parimal Rana, the former Vice President of Operations, has been appointed as the new CEO. Hall noted the progress made towards stabilizing the business, asserting that Rana is well-suited for the role given his extensive experience in the food industry. Additionally, board member Bill Tolany has stepped down for personal reasons, with efforts underway to fill the vacancy.
The Very Good Food Company (NASDAQ: VGFC) filed a resale registration statement with the SEC, enabling a named securityholder to sell covered securities. However, the registration statement is not yet effective. Due to employee turnover in the accounting department, the company restated its financials for Q1 2022, increasing general and administrative expenses to $4,844,691, while net loss rose to $9,573,309, up from $8,362,309. The previously reported loss per share also increased from $0.07 to $0.08. The adjustments highlight ongoing financial challenges for the company.
The Very Good Food Company Inc. (NASDAQ: VGFC) announced an agreement with Meijer Inc. to expand its U.S. retail presence. Initially, the Company's Original Ribz and Very Good Steak products will be available in 180 Meijer locations across Michigan, Indiana, Illinois, Ohio, and Wisconsin. This partnership marks a significant step towards the Company's goal of increasing its market share in the $1.4 billion plant-based meat sector. Interim Co-CEO Mathew Hall emphasized the opportunity to reach new customers through Meijer's established Midwest footprint.
The Very Good Food Company has successfully closed a private placement, raising approximately USD$6,500,000. The placement involved issuing 13,100,000 common shares at US$0.20 each, 19,400,000 common share equivalents enabling holders to purchase shares at $0.0001, and 32,500,000 warrants at US$0.2582.
Proceeds will fund general working capital. The company aims to navigate towards profitability while adhering to certain restrictions on share ownership post-exercise. H.C. Wainwright & Co. facilitated the placement.
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