Secondary Stock OfferingsBy The Online Investor Staff, updated Sat., May. 8, 6:59 AM
|This Slide: #10 of 25|
Slide #10. Farmmi, Inc. — Secondary Offering
Farmmi, Inc. (NASDAQ:FAMI)
Date of Pricing:
Price Per Share:
Secondary Offering Details:
Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the pricing of an upsized underwritten public offering with gross proceeds to the Company expected to be approximately $42.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The public offering equates to 140,000,000 of the Company's ordinary shares at a price of $0.30 per share. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on May 3, 2021, subject to customary closing conditions. The Company has also granted the underwriter a 45-day option to purchase up to an additional 15% of the number of ordinary shares offered in the public offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $48.3 million, if the over-allotment option is exercised in full.
Farmmi is a holding company. Through its subsidiaries, Co. is engaged in supplying agricultural products. Co. mainly processes and/or sells four categories of agricultural products: Shiitake mushrooms, which is a variety of mushroom that originated from Eastern Asia; Mu Er mushrooms, which is a variety of mushroom that is dark brown to black and native to Asia and some Pacific islands with humid climates; other edible fungi, which includes bamboo fungi, agrocybe aegerila, pleurotus eryngii, grifola frondosa, coprinus comatus and hericium erinaceus; and other agricultural products, where Co. processes and packages all of the dried edible fungi on its own.
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