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The Very Good Food Company (NASDAQ: VGFC) has entered a securities purchase agreement to raise USD $6.5 million through a private placement. This involves 32,500,000 common shares sold at USD $0.20 each, along with warrants for up to 32,500,000 shares. The funds will be used for general working capital. The offering is set to close around June 2, 2022, pending regulatory approvals. The securities will not be registered under U.S. securities laws at issuance, limiting their sale in the U.S. without further registration.
The Very Good Food Company Inc. (NASDAQ: VGFC) was notified by NASDAQ on May 20, 2022, about non-compliance with listing rules due to a missed filing of its Annual Report on Form 20-F for the year ended December 31, 2021. This was attributed to personnel changes in the accounting department. As of May 26, 2022, the Company has filed the Form 20-F and believes it has regained compliance. The Company focuses on plant-based food products under its brands, aiming to promote healthier food choices.
The Very Good Food Company (NASDAQ: VGFC) announced a significant retail expansion in Canada, increasing distribution with Loblaw Companies. Its products, including new plant-based BBQ Ribs and Steak, are now available in over 2,000 stores across North America. The company aims to achieve its wholesale targets and respond to the growing demand for plant-based products. With a forecasted retail expansion for Summer 2022, the company strives to enhance its market presence and cater to consumer preferences for nutritious, plant-based alternatives.
The Very Good Food Company (VGFC) reported a 24% decrease in revenue to $2,018,344 for Q1 2022 compared to Q1 2021. This decline was primarily due to a $1,103,735 drop in eCommerce sales, although wholesale revenue surged by 123% to $772,919, driven by more stores and increased unit sales. Net loss narrowed by 44% to $(8,362,309) year-over-year. Cash reserves fell sharply to $6,382,705 from $21,975,653, indicating a cash burn issue. The company is pivoting to focus on sustainable growth and has consolidated operations to cut costs.
The Very Good Food Company Inc. (NASDAQ: VGFC) has appointed Matthew Hall, a former Nestlé executive, as Interim CEO, effective May 2, 2022. Hall, who brings over three decades of experience in the food industry and a focus on sustainable practices, will also join the Board. This change follows the resignation of Ana Silva from her roles as President, Interim CFO, and Corporate Secretary. The Board sees Hall's appointment as crucial for the company's strategy aimed at sustainable growth and profitability in the expanding plant-based market.
The Very Good Food Company Inc. (NASDAQ: VGFC) has appointed three key executives to enhance its operational leadership. Jordan Rogers becomes Chief Commercial Officer, having previously led Canadian retail sales, while Kevin Callaghan is now Vice President of Sales for North America, with a strong background in U.S. market entry. Parimal Rana takes the role of Vice President of Operations, bringing over 25 years of experience in food manufacturing. These appointments aim to accelerate the company's transition towards operational excellence, supporting its strategy to expand plant-based product distribution.
The Very Good Food Company Inc. (NASDAQ: VGFC) has postponed its fourth quarter earnings call to April 14, 2022, at 1:30 pm PT. This decision follows management changes, the establishment of an Executive Committee, and ongoing cost improvement measures. The company aims to provide a comprehensive analysis for stakeholders during the call. Participants can access the call via a toll-free number or webcast, with a replay available afterward. The Company focuses on nutritious plant-based food production to promote healthier food choices.
The Very Good Food Company (NASDAQ: VGFC) has terminated CEO Mitchell Scott's employment and announced the resignation of Chief R&D Officer James Davison. An Executive Committee has been formed temporarily to oversee company operations and a search for a new CEO is underway. The company is implementing cost improvement measures, shifting focus from new customer acquisition towards existing subscribers for e-commerce, and planning workforce reductions to streamline operations. A conference call is scheduled for April 6, 2022, to discuss business outlook.
The Very Good Food Company (NASDAQ: VGFC) reported a 164% year-over-year revenue increase for 2021, totaling $12.3 million, driven by a 174% rise in eCommerce sales. Q4 2021 revenue saw a 70% quarter-over-quarter growth, reaching $4.3 million. The company expanded its U.S. retail presence significantly, with 1,651 stores by March 2022. Despite these gains, net losses surged to $(54.6 million) for 2021, up from $(13.9 million) in 2020. The company aims to improve profitability in 2022, amidst challenges such as reduced production throughput and increased general expenses.
The Very Good Food Company (NASDAQ: VGFC) announced it will temporarily reduce production throughput and workforce to manage inventory and liquidity. Due to supply chain challenges and retailer resets, the company is pausing non-critical capital expenditures and lowering SG&A spending to establish a path toward profitability. With cash burn exceeding expectations, these initiatives aim to extend cash runway while optimizing marketing strategies amidst rising customer acquisition costs. The company is shifting focus from growth to balancing growth with profitability.
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