NEW YORK, Sept. 7, 2018 /PRNewswire-PRWeb/ -- HF Foods Group Inc. (NASDAQ: HFFG) celebrates completion of its business combination with a bell ringing ceremony on the morning of September 5, 2018, on the NASDAQ stock exchange in the United States.
On August 23, HF Foods Group completed its transaction with Atlantic Acquisition Corp. and has successfully gone public on the NASDAQ stock market. In the past, there were three listed companies in the food logistics industry with considerable scale: Sysco Corporation, US Foods Holding Corp., and Performance Food Group Company. Unlike these three companies, HF Foods Group focuses on serving Chinese and Asian restaurants in the United States, offering one-stop food delivery and a range of value-added services. Now, HF Foods Group is poised to become a leading, large-scale dynamo in the field of Asian food delivery in the United States.
HF Foods Group has three distribution centers in North America, with a total warehousing area of over 400,000 square feet, and it has a comprehensive transportation team as well. Its distribution network covers ten states in the southeast of the United States, including North Carolina, Florida, Georgia, Virginia, and West Virginia, etc. With the growth of orders this year, HF Foods Group has been expanding its warehousing area and maximized the efficiency of supply chain resource allocation. With a sound marketing chain layout, well-developed strength in its business sector, and access to capital, HF Foods Group has achieved annual sales of $295.5 million.
As early as the beginning of 2018, HF Foods Group began to focus on preparing all aspects of the company for entring the public sector and hired experienced professional firms to provide full-scale listing guidance to management. After more than eight months of efforts, HF Foods Group finally broke the cocoon into a butterfly. During the celebration ceremony, Zhoumin Ni, CEO of HF Foods Group, said: "The successful listing of HF Foods Group on Nasdaq could not have been achieved without the unremitting efforts of all of the group's affiliates, staff and advisors. During the past eight months, I have been pleased to see how close and collaborative this big team is."
As for the development of HF Foods Group after listing, "our company attaches great importance to post-listing issues, such as capital management, performance strength, and future growth. We are confident of our company's future and collaborations with all parties, and we believe that HF Foods Group can create more outstanding opportunities and deliver a highly satisfactory return in the future." Zhoumin Ni said.
At the ceremony, HF Foods Group's spokesman expressed firm confidence in the company's influence in the U.S. market. He said, "HF Foods Group is seeking cooperation opportunities with various companies. Now we have successfully listed on Nasdaq Stock Exchange, and we will use this platform to expand our global business in the future. We hope to work with entrepreneurs from all walks in more areas."
HF Foods Group's board of directors and management team are comprised of Chinese Americans with many years of enterprise management experience. HF Foods Group's board of directors consists of three key independent members, ATAC Independent Director Ren Hua Zheng, Professor Hong Wang of North Carolina A&T State University, and Zhehui Ni, Vice President of Shanghai Electric Investment Company.
The business combination had a total transaction value of approximately $300 million (U.S. Dollars). On Wednesday, September 5, 2018, the common stock had a closing price of $14.80 per share.
SOURCE HF Foods Group
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