Farmmi Sells Shares to Investors for $686K
Ticker: FAMI · Form: 6-K · Filed: Aug 27, 2024 · CIK: 1701261
| Field | Detail |
|---|---|
| Company | Farmmi, INC. (FAMI) |
| Form Type | 6-K |
| Filed Date | Aug 27, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.20, $1.03 million, $0.30, $0.75, $40,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: share-sale, capital-raise, dilution
TL;DR
Farmmi just sold 3.4M shares for $0.20 each, netting $686K. Bullish for cash.
AI Summary
On August 22, 2024, Farmmi, Inc. entered into a securities purchase agreement with certain institutional investors to sell an aggregate of 3,433,167 ordinary shares at a price of $0.20 per share. This transaction is expected to raise approximately $686,633.40 for the company.
Why It Matters
This capital raise provides Farmmi, Inc. with funds that can be used for general corporate purposes, potentially supporting operational growth or strategic initiatives.
Risk Assessment
Risk Level: medium — The company is issuing new shares, which could dilute existing shareholders' ownership and impact the stock price.
Key Numbers
- 3,433,167 — Ordinary Shares Sold (Number of shares sold to institutional investors.)
- $0.20 — Price Per Share (The price at which each ordinary share was sold.)
- $686,633.40 — Aggregate Proceeds (Total amount raised from the sale of shares.)
Key Players & Entities
- Farmmi, Inc. (company) — Registrant
- August 22, 2024 (date) — Date of securities purchase agreement
- 3,433,167 (number) — Number of ordinary shares sold
- $0.20 (dollar_amount) — Price per ordinary share
- $686,633.40 (dollar_amount) — Aggregate proceeds from share sale
FAQ
What is the total number of ordinary shares Farmmi, Inc. agreed to sell?
Farmmi, Inc. agreed to sell an aggregate of 3,433,167 ordinary shares.
What is the price per ordinary share in the securities purchase agreement?
The price per ordinary share is $0.20.
When was the securities purchase agreement entered into?
The securities purchase agreement was entered into on August 22, 2024.
Who are the parties involved in the securities purchase agreement?
The parties are Farmmi, Inc. and certain institutional investors (the 'Purchasers').
What is the total expected amount Farmmi, Inc. will raise from this sale?
The company expects to raise approximately $686,633.40 from the sale of these shares.
Filing Stats: 1,020 words · 4 min read · ~3 pages · Grade level 12.7 · Accepted 2024-08-27 17:25:12
Key Financial Figures
- $0.20 — of 3,433,167 ordinary shares, par value $0.20 per share (the "Shares") in a registere
- $1.03 million — ent for gross proceeds of approximately $1.03 million (the "Offering") before deducting the p
- $0.30 — hare with the corresponding Warrant was $0.30. The Warrants are exercisable immediate
- $0.75 — e and have an initial exercise price of $0.75. The Warrants will expire 5 years from
- $40,000 — al counsel up to an aggregate amount of $40,000. In connection with the Offering, the
- $1.0 Million — 24, titled "Farmmi Announces Pricing of $1.0 Million Registered Direct Offering" 3 SIGNA
Filing Documents
- fami_6k.htm (6-K) — 21KB
- fami_ex41.htm (EX-4.1) — 137KB
- fami_ex51.htm (EX-5.1) — 57KB
- fami_ex52.htm (EX-5.2) — 32KB
- fami_ex101.htm (EX-10.1) — 279KB
- fami_ex102.htm (EX-10.2) — 117KB
- fami_ex103.htm (EX-10.3) — 60KB
- fami_ex991.htm (EX-99.1) — 10KB
- fami_ex51img19.jpg (GRAPHIC) — 2KB
- fami_ex51img16.jpg (GRAPHIC) — 4KB
- fami_ex52img2.jpg (GRAPHIC) — 5KB
- 0001477932-24-005322.txt ( ) — 730KB
Financial Statements and Exhibits
Financial Statements and Exhibits. EXHIBIT INDEX Exhibit Description 4.1 Form of Series A Warrant 5.1 Opinion of Campbells LLP 5.2 Opinion of Kaufman & Canoles, P.C. 10.1 Form of Securities Purchase Agreement 10.2 Form of Registration Rights Agreement 10.3 Placement Agent Agreement, dated August 22, 2024, between the Company and Maxim Group LLC 99.1 Press release dated August 23, 2024, titled "Farmmi Announces Pricing of $1.0 Million Registered Direct Offering" 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FARMMI, INC. Date: August 27, 2024 By: /s/ Yefang Zhang Name: Yefang Zhang Title: Chief Executive Officer 4