Farmmi Inc. ( FAMI) stock declines during pre-market trading session. Here’s to know why?

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Farmmi Inc. (NASDAQ: FAMI) stock showed a gain of 1.45% in the last trading session while in pre-market trading on Monday the FAMI stock was down by 11.43%. Farmmi is well-known supplier company of agricultural products, deals with the processing and retail of Shiitake mushrooms, Mu Er mushrooms, and other edible fungi.

What is happening?

Recently on March 19, FAMI made an announcement that they are planning to present ordinary shares for sale in an underwritten public offering and through this offering whatever net amount FAMI will generate would be used to fulfill the needs of general corporate and working capital. Farmmi cannot tell of whether or when the offering will be completed because of the reliance of this offering on market conditions. Also, Aegis Capital Corp. is working as the only book-running manager of the offering. This could might be the reason behind change that’s happening in FAMI stock price.

Other Recent Developments

  • On March 2, Zhejiang Forest Food Co., a subsidiary of the Company, announced the shipment of a new order of shiitake mushrooms to one of its long-term customers who have several channels, with over 100 retail stores in China and Canada and a significant export business. The order was for two types of shiitake mushrooms.
  • FAMI on March 15, announced that its subsidiary Zhejiang Forest Food Co. has received a new multi-product order for its different and flavorous dried whole and sliced mushrooms, as well as dried black fungus. Farmmi’s products will be exported to the United States by “The customer” which is a trading company that supplies major global hotel and supermarket chains such as the STANFORD hotel chain and the H-MART supermarket chain.

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