Hf Foods Group Inc Stock Price, News & Analysis

HF Foods Group Inc. (NASDAQ: HFFG), a top distributor for Asian restaurants in the U.S., announced a proposed settlement regarding a pending stockholder derivative complaint in Delaware. This settlement relates to certain current and former officers and directors and aims to resolve existing and potential liabilities. The agreement is subject to court approval and will lead to the dismissal of the case with prejudice. This resolution is expected to free up board and management resources, allowing HF Foods to focus on its operations during a pivotal year. The company emphasizes its commitment to investor transparency and corporate governance.

Further details will be available in a Current Report on Form 8-K filed with the SEC.

HF Foods Group Inc. (NASDAQ: HFFG) announced a new stockholder rights plan to protect against potential undisclosed stock accumulation and group formation activities that could undermine stockholders' value. The plan includes a dividend distribution of one 'Right' for each outstanding share, effective for stockholders of record as of April 24, 2023. The Board believes this measure will secure the interests of all stockholders by ensuring that control of the company cannot be assumed without an appropriate premium. The Rights Plan activates if any entity acquires 15% or more of the stock. While the Board has not pursued selling the company, it highlights its commitment to unlocking shareholder value. The plan is set to expire on April 11, 2024. Further details will be provided in an upcoming SEC filing.

HF Foods Group Inc. (NASDAQ: HFFG) announced the filing of its 2022 Annual Report and scheduled its Annual Meeting for June 1, 2023. The record date for stockholders entitled to vote is April 6, 2023. The meeting aims to resolve the pending Nasdaq delisting determination, signifying compliance with Nasdaq Listing Rule 5620(a). CEO Peter Zhang highlighted improvements in corporate governance and ongoing sales growth amidst challenges faced over the last two years. The company continues to expand its national footprint and is committed to transparency and engagement with investors.

HF Foods Group Inc. (HFFG) reported a 47% increase in net revenue for 2022, reaching $1.17 billion, primarily due to successful acquisitions and recovering demand post-COVID-19. However, the company faced a 99% drop in net income to $0.2 million, attributed to rising distribution expenses and legal costs related to SEC investigations. The fourth quarter also saw net revenue rise by 28% to $291.9 million, but gross profit margins fell to 17.4%.

Management expresses optimism for future growth, citing a robust distribution network serving over 15,000 customers nationwide and improvements in operational efficiency.

HF Foods Group Inc. (NASDAQ: HFFG), a food distributor to Asian restaurants, plans a Combined Shareholders Meeting by June 30, 2023, to regain compliance with Nasdaq Listing Rule 5620(a). The company recently complied with Nasdaq filing requirements and will submit its Annual Report on Form 10-K for 2022 in March 2023. The board assures shareholders that despite addressing legacy financial matters, they continue to execute strategies for value creation. With 18 distribution centers and a customer base of over 15,000 across 46 states, HF Foods aims to meet the growing demand for Asian cuisine.

HF Foods Group Inc. (NASDAQ: HFFG) announced the filing of its Form 10-K for the year ended December 31, 2021, and Form 10-Qs for the quarters ended March, June, and September 2022 with the SEC. This filing indicates the company's compliance with Nasdaq Listing Rule 5250(c)(1). The company plans to file its Form 10-K for 2022 by March 16, 2023. Headquartered in Las Vegas, HF Foods is a distributor of food products to Asian restaurants across the U.S., servicing over 15,000 customers with 18 distribution centers nationwide.

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.