Farmmi Inc. (FAMI) stock prices surged by 34.41% as of the market closing on September 10th, 2021. This brought the price per share up to USD$0.58 at the end of the trading day. Subsequent premarket fluctuations saw the stock plummet by 32.70%, bringing it down to USD$0.39.
FAMI Stock’s Public Offering
September 10th, 2021 saw FAMI stock announce its plans to offer ordinary shares of its common stock in an underwritten public offering. The offering will also see the shares of pre-funded warrants to purchase ordinary shares. The Chinese agricultural products supplier’s pre-funded warrants will be offered at the same price per share as the ordinary shares, minus the exercise price of USD$0.001 per share of each pre-funded warrant. Net proceeds from the offering are expected to fund general corporate, and working capital needs and capital expenditures. The ordinary shares will be sold on the Nasdaq Capital Market under the ticker FAMI.
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Expansion of FAMI Market Reach
FAMI stock reported the awarding of a new product order to its subsidiary, Zhejiang Forest Food Co., Ltd. As per the product order, the company will have its Farmmi’s Shiitake mushrooms exported to Southwest Asia by the new customer. The company has maintained a long-term business relationship with the customer, which has an extensive and far-reaching business network. FAMI stock continues the successful supporting of relationships as critical as this one. This results in the effective leveraging of the logistics investments and established distribution networks of its many partners.
FAMI Stock Increased Scope
Accordingly, FAMI stock finds itself able to focus on its direct farm and collective networks. This ensures the maintaining of an adequate supply on hand to meet increased demand for the company’s high-quality agricultural products. Furthermore, the company is seeing a growth in interest in the inherent cultivation benefits of its mushroom products. This is a result of the low water requirements, which is a critical factor in geographic markets worldwide. The growth in demand also reflects the appeal of the well-established nutritional benefits of FAMI stock’s mushroom products.
Future Outlook for FAMI Stock
The company reported a promising quarter, consolidated by the recent expansion of its distribution network. FAMI stock is poised to capitalize on this expanded scope as it ushers in unprecedented growth. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.