Core Points - Farmmi, Inc. has regained compliance with NASDAQ's minimum bid price requirement, confirming that the matter is now closed [1] - The company is an agricultural products supplier, processor, and retailer, specializing in edible mushrooms and other agricultural products [2] Company Overview - Farmmi, Inc. was established in 1998 and operates in the agricultural sector, focusing on products like Shiitake and Mu Er mushrooms [2] - The company utilizes established distribution channels to sell its products [2]

LISHUI, China, March 28, 2025 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (Nasdaq: FAMI) today announced the official opening of its brand-new warehouse located in New Jersey, USA on March 27, 2025. The facility covers approximately 49,800 square feet and marks a significant expansion of the Company's logistics and warehousing operations on the U.S. East Coast, reinforcing Farmmi's strategic presence in the American market. The new logistics hub, operated by Farmmi's U.S. subsidiary, Farmmi USA ...

Core Insights - Farmmi, Inc. has expanded its U.S. logistics and warehousing operations to the East Coast, marking a significant milestone in its business expansion strategy [1][2] - The new warehouse located in Somerset, New Jersey, will enhance the company's warehousing capabilities, optimize logistics operations, and shorten delivery times for East Coast customers [2] - The CEO of Farmmi emphasized the importance of this expansion in strengthening the company's competitiveness in the U.S. market and advancing long-term strategic objectives [3] Company Overview - Farmmi, Inc. was founded in 1998 and specializes in the processing, sales, and retail of agricultural products, particularly edible fungi such as shiitake mushrooms and black fungus [3] - The company supplies high-quality agricultural products to global markets through both online and offline channels [3]

LISHUI, China, March 12, 2025 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI) announced today that at the Company's annual general meeting on February 25, 2025, shareholders approved a consolidation of the Company's authorized shares at the ratio of one-for-twelve. The share consolidation will become effective with NASDAQ ("Nasdaq") and in the marketplace on March 17, 2025.The objective of the share consolidation is to enable the Company to regain compliance with Nasdaq Marketplace R ...

Regulatory and Compliance Risks - The company's operations are primarily conducted in mainland China, with expansions in the U.S. and Canada, and it faces significant legal and operational risks due to PRC government policies and regulations[15][16] - The company previously operated online and e-commerce sales in China through consolidated affiliated entities under contractual arrangements to comply with PRC foreign investment restrictions[17] - The company's PRC subsidiaries have obtained all necessary permits, approvals, and certificates to conduct business operations in China, but future regulatory changes could require additional compliance efforts[20] - The company is not subject to cybersecurity review by the CAC as it possesses personal information of significantly less than one million users and its data processing does not affect national security[23] - The company may be required to conduct an annual data security review and comply with reporting obligations if the Draft Regulations on Network Data Security Management are enacted[25] - The company is subject to filing procedures with the CSRC for overseas securities offerings and listings under the Trial Measures, but no prohibitive circumstances currently apply to it[27] - The company is deemed an "Existing Issuer" and must undertake filing procedures for subsequent events such as follow-on offerings, dual listings, and material changes[28] - The company must comply with confidentiality and archives administration requirements under the Confidentiality Provisions for overseas securities offerings and listings[29] - The company's ability to offer shares on Nasdaq may be significantly limited or hindered by non-compliance with PRC regulations[30] - The company is required to file with the CSRC and may need approvals from Chinese regulatory authorities for securities offerings, with uncertainties in obtaining such approvals[130][131] - The Draft Rules, if enacted, may require the company to submit filings to the CSRC within three working days following future equity securities offerings[134] - The company's Chinese subsidiaries and consolidated entities must obtain business licenses from local counterparts of the SAMR, with all licenses currently valid[137] - The company may face sanctions or delays if it fails to obtain or complete required approvals or filings for issuing securities to foreign investors[138] - The Chinese government's new guidance on capital raising outside mainland China, including VIEs, may impact the company's corporate structure and share value[139] - The company is subject to the U.S. Foreign Corrupt Practices Act (FCPA) and Chinese anti-corruption laws, with potential liabilities if employees or third parties engage in unauthorized payments or corruption[154] - The company faces additional regulatory compliance costs and uncertainties due to recent regulatory developments, which could impact future capital raise activities and share price[196] - The company has material weaknesses in internal control over financial reporting, including insufficient personnel with appropriate accounting knowledge and experience, and inadequate risk assessment[199] - The company expects to incur annual expenses between $500,000 and $1 million for compliance with public company reporting requirements[201] Financial Performance and Metrics - Revenue for the fiscal year ended September 30, 2024 was $64,131,332, a decrease from $110,364,887 in 2023 and $99,213,379 in 2022[47] - Net loss for the fiscal year ended September 30, 2024 was $4,627,772, compared to a net income of $2,543,813 in 2023 and $2,223,979 in 2022[47] - Total assets as of September 30, 2024 were $186,733,719, up from $174,800,086 in 2023 and $163,782,853 in 2022[49] - Total liabilities as of September 30, 2024 were $16,717,482, compared to $12,824,160 in 2023 and $9,098,762 in 2022[49] - Consolidated revenues for the year ended September 30, 2024 were $64,131,332, with PRC subsidiaries contributing $64,121,932 and non-PRC subsidiaries contributing $9,400[52] - Net loss for the year ended September 30, 2024 was $(4,627,772), compared to a net income of $2,543,813 in 2023 and $2,223,979 in 2022[52][53] - Gross profit for 2024 was $3,873,714, a decrease from $4,286,755 in 2023 and $5,438,086 in 2022[52][53] - Operating expenses for 2024 were $(3,078,029), higher than $(2,245,380) in 2023 and $(4,495,718) in 2022[52][53] - Total assets as of September 30, 2024 were $186,733,719, with current assets at $161,925,796 and non-current assets at $24,807,923[56] - Total liabilities as of September 30, 2024 were $16,717,482, with current liabilities at $10,060,240 and non-current liabilities at $6,657,242[56] - Total shareholders' equity (net assets) as of September 30, 2024 was $170,016,237, compared to $161,975,926 in 2023[56] - The average exchange rate for 2024 was US$1 = RMB 7.2043, compared to US$1 = RMB 7.0533 in 2023 and US$1 = RMB 6.5746 in 2022[58] - Intercompany receivables as of September 30, 2024 were $151,457,184, with intercompany payables at $962,080[56] - Current assets excluding intercompany receivables as of September 30, 2024 were $161,925,796, compared to $158,171,175 in 2023[56] - The company provided working capital loans of $151.8 million to its subsidiaries in fiscal year 2024, similar to $151.7 million in 2023 and $140.4 million in 2022[37][38][40] - As of September 30, 2024, the company had approximately $2.4 million in outstanding loans, down from $4.7 million in 2023, with potential risks of repayment and refinancing challenges[97] - The company's export sales for the year ended September 30, 2024, were distributed as follows: 8.19% to the U.S., 37.87% to Canada, 17.08% to Japan, 10.87% to Europe, and 25.47% to the Middle East, with all transactions settled in USD[107] - The company may require additional financing in the future, which could result in equity dilution or restrictive debt conditions, though no immediate need is anticipated[108] - The company's cash accounts in China are not fully insured, with only accounts holding less than RMB 0.5 million ($72,149) per bank covered by deposit insurance[112] - Significant increase in advances to suppliers and accounts receivable in fiscal year 2021, with advances mainly in anticipation of higher revenue in fiscal 2023[127] - Customers' accounts receivable to the company increased significantly in fiscal year 2021, partially due to slower-paying customers compared to fiscal year 2020[127] Tax and Dividend Policies - PRC subsidiaries are required to set aside a portion of net income each year to fund a statutory surplus reserve until it reaches 50% of registered capital, restricting dividend distributions[33] - Dividends paid to overseas shareholders may be subject to PRC withholding tax at a rate of up to 10%, potentially reduced to 5% under certain conditions[34][35] - The company has not declared or paid any cash dividends and currently intends to retain most or all available funds for business operations and expansion[40] - Dividends payable to non-PRC investors may be subject to PRC withholding tax at rates of 10% for enterprises and 20% for individuals, potentially reducing investment returns[172] - PRC tax authorities may impose up to 10% withholding tax on gains from indirect transfers of PRC resident enterprise equity if deemed abusive arrangements[173] - PRC subsidiaries must set aside at least 10% of accumulated profits annually for reserve funds until reaching 50% of registered capital, limiting distributable dividends[176] - Non-PRC resident enterprises may face up to 10% withholding tax on dividends from Chinese companies unless exempted by tax treaties[178] - PRC tax authorities may disregard intermediary holding companies in indirect transfers, subjecting non-PRC investors to PRC corporate taxes[175] - SAT Bulletin 7 reclassifies indirect transfers of PRC taxable properties as direct transfers if lacking reasonable commercial purposes, potentially increasing tax liabilities[174] - The company may be classified as a PRC "resident enterprise" for tax purposes, subjecting it to a 25% enterprise income tax on worldwide income and additional reporting obligations, which could reduce net income[167][170] - The company has not been notified by PRC tax authorities of being deemed a resident enterprise under the PRC Enterprise Income Tax Law as of the report date[171] - PRC subsidiaries' ability to pay dividends may be restricted by debt instruments or adjustments to taxable income by PRC tax authorities[177] - The company does not intend to pay dividends in the foreseeable future, retaining earnings for business operations and expansion[210] Operational and Market Risks - The company's edible fungi products are highly susceptible to risks from diseases, pests, and extreme weather events, which could significantly impact supply and quality[86][88] - The company's lack of product diversification, with a primary focus on edible fungi, makes its revenues and earnings more susceptible to industry-specific risks[75] - The company's dried mushroom wholesale business currently enjoys tax benefits, but changes in tax policies could significantly reduce or eliminate profit margins[78] - The company's suppliers may fail to comply with PRC food safety laws or quality standards, potentially harming the company's reputation and requiring costly supplier replacements[89] - The company's purchase price for dried edible fungi is based on local market prices, which are unpredictable and could reduce profit margins if prices rise unexpectedly[90] - The company faces risks from potential data breaches, which could result in significant costs, legal liabilities, and reputational damage[80] - The company's products have low visibility in China, with no guarantee of significantly increasing market recognition despite plans to participate in more industry events[92] - The company faces potential market share loss due to low technical barriers and price competition, which may require price reductions to maintain or slow market share loss[93] - The company's PRC subsidiaries have not opened Housing Provident Fund accounts for approximately 80% of employees, potentially exposing the company to financial liabilities[84] - The company exports approximately 0.6% of its agricultural products, making it vulnerable to changes in foreign trade policies and potential tariffs[85] - The company's growth strategy includes expanding export customers, increasing agricultural product varieties, and developing e-commerce platforms, which could strain management resources[116] - The company's intellectual property protection in China may be less effective due to ambiguities in laws and enforcement difficulties, potentially leading to costly litigation[119] - The company's stock price has been volatile, with shares closing between $0.1979 and $1.65 between October 1, 2023, and the report date, partly due to significant share offerings[125] - The company's Ordinary Shares have experienced significant price volatility, with prices ranging from $0.195 to $1.42 between January 1, 2024, and the report date, and last traded at $0.2622 on January 22, 2025[206] - The company received a notice from Nasdaq regarding non-compliance with the Minimum Bid Price Rule and has until April 21, 2025, to regain compliance[208] - The company's share price may be adversely affected by future sales of substantial amounts of Ordinary Shares in the public market[212] - The company's shareholders may face difficulties in protecting their interests due to the less defined nature of Cayman Islands corporate law compared to U.S. law[213] Legal and Governmental Risks - The Chinese government may intervene in or influence the company's operations, potentially impacting the value of its ordinary shares[129] - The company's PRC subsidiaries could face liquidation or bankruptcy under the PRC Enterprise Bankruptcy Law, potentially affecting the company's ability to operate and access assets[159][160] - PRC regulations on foreign exchange registration for overseas investment may limit the company's ability to inject capital into PRC subsidiaries or distribute profits, with potential penalties for non-compliance[162][164][165] - PRC M&A rules require prior notification to the Ministry of Commerce for transactions involving national security or control of domestic enterprises with famous trademarks[181] - The Holding Foreign Companies Accountable Act may prohibit trading of securities if PCAOB cannot inspect auditors for three consecutive years[189] - U.S. regulatory bodies face significant legal obstacles in conducting investigations or inspections of the company's operations in China, particularly under the revised PRC securities law effective March 1, 2020[150] - The company expects labor costs to increase due to PRC labor laws, including the Labor Contract Law and Social Insurance Law, which mandate employee benefits and social insurance contributions[152][153] - Fluctuations in the exchange rate between the Renminbi and the U.S. dollar could negatively impact the company's export sales and financial results, as the company sells products in U.S. dollars and faces limited hedging options in China[155][156][157][158] - Foreign investors face daily remittance limits of $50,000 and per-transaction limits of $10,000 under PRC foreign exchange regulations[179] PCAOB and Audit Risks - The PCAOB determined it could inspect and investigate registered public accounting firms in mainland China and Hong Kong as of December 15, 2022, vacating its previous 2021 adverse determinations[43] - The PCAOB determined it could inspect and investigate registered public accounting firms in mainland China and Hong Kong as of December 15, 2022[147] - The HFCAA timeline for trading prohibitions was accelerated to two consecutive years of non-inspection by the PCAOB, effective December 2022[148] - The company's auditor, YCM CPA INC., is subject to PCAOB inspections, but there is a risk that PCAOB may not be able to inspect or investigate the auditor completely due to regulatory changes in China, potentially affecting the assurance of financial statements[149] Corporate Structure and Governance - The company is highly dependent on its CEO, Ms. Yefang Zhang, who has over 20 years of experience in the mushroom industry, making her difficult to replace[114] - The company's key customer, Shanghai Yunmihui Supply Chain Group Co. Ltd, accounted for 55.0%, 40.5%, and 31.2% of total revenue in fiscal years 2024, 2023, and 2022, respectively[69] - The company purchases raw materials from a limited number of suppliers, with Jingning Liannong Trading Co. Ltd accounting for 23.8%, 13.5%, and 20.9% of purchases in 2024, 2023, and 2022, respectively[73]

Company Update - Farmmi Inc received an additional 180-day compliance period from NASDAQ to meet the minimum bid price requirement of at least $1 00 per share for ten consecutive business days by April 21 2025 [1] Company Overview - Farmmi Inc is an agricultural products supplier processor and retailer established in 1998 specializing in edible mushrooms like Shiitake and Mu Er as well as other agricultural products [2] - The company operates both online and offline sales channels [2] Forward-Looking Statements - The press release contains forward-looking statements regarding future growth prospects and business expectations which are subject to risks and uncertainties [3] - Potential risks include the impact of Covid-19 on customer businesses and disposable income challenges in raising capital fluctuations in earnings and foreign exchange rates and general economic conditions [3] - The company may update forward-looking statements in future filings with the Securities and Exchange Commission and reports to shareholders [3] Contact Information - For further information investors can contact Farmmi Inc's Investor Relations department via phone or email [4]

Company Overview - Farmmi Inc is an agricultural products supplier, processor, and retailer established in 1998, specializing in edible mushrooms like Shiitake and Mu Er, as well as other agricultural products [4] - The company operates both online and offline sales channels [4] Financing Activities - Farmmi entered into a securities purchase agreement with institutional investors to purchase 3,433,167 ordinary shares in a registered direct offering [1] - In a concurrent private placement, the company agreed to issue and sell Series A warrants to purchase up to 3,433,167 ordinary shares [1] - The combined effective offering price for each ordinary share and accompanying Series A warrant is $0.30 [1] - Series A warrants are immediately exercisable, expire five years from issuance, and have an initial exercise price of $0.75 per share [1] - The gross proceeds from the offering are estimated to be approximately $1.0 million before deducting placement agent fees and other offering expenses [1] - The offering is expected to close on or about August 26, 2024, subject to customary closing conditions [2] Regulatory Information - The ordinary shares are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-280348), declared effective by the SEC on June 27, 2024 [2] - The Series A warrants and ordinary shares issuable upon exercise were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D [2] - A prospectus supplement relating to the sales of ordinary shares will be filed with the SEC [3] Market Position - The company operates in the agricultural products sector, specifically focusing on edible mushrooms and related products [4] - Farmmi has established a presence in both online and offline retail channels, indicating a diversified sales strategy [4]

Company Expansion - Farmmi successfully opened a warehouse and distribution center in Los Angeles, California on August 12, 2024, receiving warehousing orders for 28 shipping containers on its first day of operations [1] - The company established its first warehouse and logistics center in Los Angeles in July 2024, following the acquisition of a large storage facility, and began trial operations on August 12, 2024 [2] - The successful launch of the warehouse and logistics services center in the U S marks a significant development for the company in achieving organic growth and international expansion [3] Company Background - Farmmi, Inc is an agricultural products supplier, processor, and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products, established in 1998 [4] - The company sells its products both online and offline and has operated in the Chinese agricultural products industry for more than 20 years, forming a stable international customer base [3][4] Strategic Goals - Farmmi is committed to and has implemented strategies for international business expansion in recent years to further expand international cooperation and create long-term value for its shareholders [3] - The company's business in North America has entered a rapid development stage, with the American team accelerating efforts to strive for greater operating results [2]

Revenue and Net Income - Revenue for the six months ended March 31, 2024 was $36.44 million, a decrease of 39.8% compared to $60.55 million in the same period last year[8] - Net income for the six months ended March 31, 2024 was $630,492, a decrease of 60.1% compared to $1.58 million in the same period last year[8] - Net income for the six months ended March 31, 2024, was $630,492, compared to $1,579,859 for the same period in 2023[13] - Total revenue for the six months ended March 31, 2024, was $36,443,887, down from $60,547,274 for the same period in 2023[97] Cash and Cash Equivalents - Cash and cash equivalents decreased by $11.67 million (91.2%) from $12.79 million as of September 30, 2023 to $1.12 million as of March 31, 2024[4] - Cash and cash equivalents at the end of the period were $1,124,448, compared to $69,356,991 at the end of the same period in 2023[13] - Cash maintained in banks within the PRC is $1.1 million as of March 31, 2024, with deposits of less than RMB 0.5 million ($69,249) per bank covered by deposit insurance regulation[25][49] - Cash maintained in banks within the PRC was $12.8 million as of September 30, 2023, with deposits of less than RMB 0.5 million ($69,249) per bank covered by deposit insurance regulation[49] Accounts Receivable and Inventory - Accounts receivable decreased by $1.66 million (6.7%) from $24.68 million as of September 30, 2023 to $23.02 million as of March 31, 2024[4] - Inventories increased significantly by $26.39 million (676.4%) from $3.90 million as of September 30, 2023 to $30.29 million as of March 31, 2024[4] - The company's accounts receivable, net, as of March 31, 2024, were $23,016,778, compared to $24,677,445 as of September 30, 2023[65] - Inventory, net increased to $30,293,667 as of March 31, 2024, from $3,901,848 as of September 30, 2023[78] Liabilities and Equity - Total current liabilities decreased by $3.59 million (33.5%) from $10.71 million as of September 30, 2023 to $7.12 million as of March 31, 2024[5] - Total shareholders' equity increased by $2.38 million (1.5%) from $161.98 million as of September 30, 2023 to $164.35 million as of March 31, 2024[6] - Contract liabilities are $48,299 as of March 31, 2024 and $0.4 million as of September 30, 2023, included in other current liabilities[42] Earnings Per Share - Basic earnings per share decreased to $0.10 for the six months ended March 31, 2024 compared to $0.53 in the same period last year[9] - Diluted earnings per share decreased to $0.05 for the six months ended March 31, 2024 compared to $0.33 in the same period last year[9] - Net income available for ordinary shareholders is $630,492 for the six months ended March 31, 2024, with basic EPS of $0.10 and diluted EPS of $0.05[45] Cash Flow Activities - Net cash used in operating activities for the six months ended March 31, 2024, was $14,901,185, compared to $11,304,117 for the same period in 2023[13] - Net cash provided by investing activities for the six months ended March 31, 2024, was $2,946,776, compared to $36,326,277 for the same period in 2023[13] - Net cash used in financing activities for the six months ended March 31, 2024, was $16,653, compared to $1,331,253 provided for the same period in 2023[13] Subsidiaries and Divestitures - The company divested 100% interest in three subsidiaries for a total cash consideration of RMB43.1 million ($6.0 million) on January 31, 2024[17] - Farmmi USA Inc was established under the laws of the United States of America on August 24, 2023, with Farmmi Inc owning 100% equity[16] - Farmmi Canada Inc was established under the laws of Canada on July 13, 2022, with Farmmi Inc owning 100% equity[16] Product and Market Focus - Approximately 99.9% of the company's products are sold in China[21] - The company is engaged in processing and distributing dried Shiitake mushrooms and Mu Er mushrooms, and trading agricultural products[21] - Revenue from Shiitake Mushroom was $9,806,605 for the six months ended March 31, 2024[97] Advances to Suppliers and Allowances - Advances to suppliers represent prepayments made to ensure continuous high-quality supplies, with periodic reviews and allowances made for doubtful advances[27] - The company's advances to suppliers are made to secure premium quality raw materials at prices slightly higher than typical market prices for average quality raw materials[73] - The company evaluates the recoverability of advances to suppliers by monitoring suppliers' ability to deliver sufficient supplies and current crop and market conditions[75] - The company accrues for any allowance for possible loss on advances when there is doubt as to the collectability of the refund[75] - Advances to suppliers, net, as of March 31, 2024, were $100,439,974, compared to $116,343,961 as of September 30, 2023[67] Depreciation and Assets - Biological assets consist of 9.6 km² of bamboo forests, with depreciation expense of $0.1 million for the six months ended March 31, 2024 and 2023[29] - Property and equipment are depreciated on a straight-line basis over estimated useful lives, with machinery and equipment at 5-10 years, transportation equipment at 4 years, and office equipment at 3-5 years[38][39] - Depreciation expense was $5,572 for the six months ended March 31, 2024, down from $12,724 for the same period in 2023[81] Agreements and Contracts - The company signed a framework cooperation agreement with Lishui Zhelin Trading Co., Ltd., valid for four years, to ensure timely supply and delivery of edible mushroom products[68] - The company signed an agricultural product framework agreement with Zhongjin Boda (Hangzhou) Industrial Co., Ltd., for the purchase of agricultural products such as corn, cotton, and soybeans, valid for two years[69] - The company signed an agricultural product framework agreement with Ningbo Runcai Supply Chain Management Co., Ltd., for the purchase of agricultural products such as red dates and corn, valid for two years[69] - The company signed a Non-Competition Agreement with Forasen Group, restricting Forasen from engaging in competing businesses except for purchasing products from the company[106] Credit and Risk Management - The company performs ongoing credit evaluations of customers and key suppliers to reduce credit risk, with significant sales being credit sales dependent on industry economics[49] - Allowance for doubtful accounts was $2.5 million as of March 31, 2024, compared to $3,176 as of September 30, 2023[76] Exchange Rates and Expenses - The exchange rate as of March 31, 2024, was US$1 for RMB7.2203, and the average exchange rate for the six months ended March 31, 2024, was US$1 for RMB7.2064[53] - Total shipping and handling expenses for the six months ended March 31, 2024, were $40,101, compared to $37,053 for the same period in 2023[53] Related Party Transactions - Due from related parties totaled $109,755 as of March 31, 2024, compared to $110,958 as of September 30, 2023[100] - Due to related parties increased to $379,082 as of March 31, 2024, from $33,814 as of September 30, 2023, primarily due to amounts owed to Yefang Zhang and Zhejiang Tantech Bamboo Technology Co., Ltd[102] Lease and Financing Activities - The company recorded lease expenses of $50,782 for the six months ended March 31, 2024, compared to $43,910 for the same period in 2023[105] - The company entered into a note purchase agreement on July 30, 2024, issuing a $5,355,000 unsecured promissory note with a 7.0% annual interest rate and a 12-month term[108] - The note includes an original issue discount of $350,000 and $5,000 for investor fees, with prepayment options at 105% of the outstanding balance[109] - The weighted average discount rate for operating leases was 10.3% per annum as of March 31, 2024[90] - Total future minimum lease payments amounted to $685,343 as of March 31, 2024[92] Major Customers and Suppliers - Two major customers accounted for 55.9% and 12.0% of total sales for the six months ended March 31, 2024[88] - Four major suppliers accounted for 22.8%, 18.3%, 14.1%, and 11.0% of total purchases for the six months ended March 31, 2024[89] Share Issuance and Convertible Notes - The company issued 804,000 ordinary shares for the redemption of $804,000 convertible promissory notes in the six months ended March 31, 2024[84]

Company Expansion - Farmmi's subsidiary, FARMMI USA INC, has signed a sublease agreement to acquire the right to use a large distribution and storage center in the United States, marking a significant development for its US operations [1] - The leased premises, located in the Los Angeles area, California, spans a total area of 636,000 square feet, with warehouse space covering 315,000 square feet, and includes a dedicated rail line for sea-rail intermodal transportation [2] - The facility will serve as the major distribution and storage center for the Farmmi group, enabling further expansion of international cooperation and creating greater value for shareholders [2][3] Company Background - Farmmi Inc, established in 1998, is an agricultural products supplier, processor, and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products [4] - The company sells its products both online and offline, with a focus on increasing its global presence in recent years [3][4]