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Wednesday, March 22, 2023

Farmmi, Inc. (FAMI) Stock Is Rising in Premarket Today – What’s causing it to rise?

Farmmi, Inc. (FAMI) has surged 12.44% in the premarket today after the company issues a CEO update letter. However, the last trading session closed at $0.3536 with a decrease of 23.55%.

CEO Update Letter

FAMI issued a CEO update letter on 3rd October 2021. The company sent a CEO update letter outlining an acquisition that enlarged the Company’s addressable market, as well as the company’s plans for enhanced growth and expanded possibilities. According to the letter, FAMI has come a long way in the last 20 years, as they have established itself as an industry leader in the production, processing, marketing, and research of edible fungus products.

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They are continually examining strategic possibilities to optimize and develop their business, in addition to continuing to deep cultivate delicious fungus. They appreciate the ongoing support as they implement their business plan and handle the new complexity brought on by the worldwide pandemic, logistical issues, and supply chain restrictions in all sectors.

FAMI Wins Additional Multi-Product Sales

On 27th September 2021, FAMI announced that they are awarded a new multi-product order for sale to Israel. The dried whole and sliced Shiitake mushrooms, as well as dry black fungus, has recently seen a boost in sales.

They are continuing to develop their business with both existing and new customers. They are benefiting from strong demand in traditional regions, such as China. Simultaneously, they are using their improved competitive and financial position to create the framework for future success.

Growth with Latest Order for Export to Southwest Asia

On 20th September 2021, FAMI reported that it has received another fresh product order for their popular dried whole Shiitake mushrooms. Farmmi’s Shiitake mushrooms will be exported to Southwest Asia by the buyer.

The company is continuing to execute its business plan. This includes organic growth at our many current clients across the world. Not only this but it also includes a longer-term extension of service options. They are talking with clients about how they can use a stronger financial position.

FAMI Closes $81 Million Underwritten Public Offering of Ordinary Share

On 15th September 2021, FAMI reported that it has signed an underwritten tender offer of ordinary shares and pre-funded warrants. This is to buy ordinary shares with income derived to the Company anticipated to be around $81 million. Lastly, the offering includes 368,261,717 ordinary shares of the company as well as pre-funded warrants to buy ordinary shares.

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