HF Foods Group Inc. Files Definitive Proxy Statement (DEF 14A)

TL;DR

<b>HF Foods Group Inc. filed its Definitive Proxy Statement (DEF 14A) for the fiscal year ending December 31, 2023.</b>

AI Summary

HF Foods Group Inc. (HFFG) filed a Proxy Statement (DEF 14A) with the SEC on April 24, 2024. HF Foods Group Inc. filed a DEF 14A with the SEC on April 24, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Atlantic Acquisition Corp. and Stars Acquisition Corp. The filing includes information on equity awards granted and outstanding. The business address is 6325 South Rainbow Boulevard, Suite 420, Las Vegas, NV 89118.

Why It Matters

For investors and stakeholders tracking HF Foods Group Inc., this filing contains several important signals. This filing is a routine requirement for publicly traded companies to provide shareholders with information regarding annual meetings, director nominations, and executive compensation. Shareholders should review this document to understand key corporate governance matters, including proposed board members and compensation plans, which can impact the company's future performance and shareholder value.

Risk Assessment

Risk Level: low — HF Foods Group Inc. shows low risk based on this filing. The filing is a standard DEF 14A, containing routine disclosures about executive compensation and corporate governance, with no immediate financial or operational performance indicators presented.

Analyst Insight

Review the executive compensation details and any proposed shareholder resolutions to assess potential impacts on corporate strategy and shareholder returns.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-24 — Filing Date (Date of submission)
• 001-38180 — SEC File Number (Company's SEC file number)

Key Players & Entities

• HF Foods Group Inc. (company) — Filer
• Atlantic Acquisition Corp. (company) — Former company name
• Stars Acquisition Corp. (company) — Former company name
• 6325 South Rainbow Boulevard, Suite 420 (location) — Business Address
• Las Vegas (location) — Business Address City
• NV (location) — Business Address State
• 89118 (location) — Business Address Zip

FAQ

Industry Context

HF Foods Group Inc. operates in the wholesale groceries and related products sector. This DEF 14A filing is standard for companies in this industry to communicate with shareholders.

Regulatory Implications

As a publicly traded company, HF Foods Group Inc. is subject to SEC regulations, including the requirement to file a Definitive Proxy Statement (DEF 14A) for annual shareholder meetings.

What Investors Should Do

1. Analyze the disclosed executive compensation packages for potential alignment with company performance.
2. Examine any proposed board member elections or shareholder proposals for their potential impact on company strategy.
3. Note the company's former names and incorporation details for historical context.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the filing.
• 2024-04-24: Filing Date — Date the DEF 14A was filed with the SEC.

Year-Over-Year Comparison

This is a DEF 14A filing, which typically follows the previous year's filings. Specific comparative data between this and prior filings is not detailed in the provided text.

Key Financial Figures

• $1,148.5 m — pany was able to deliver net revenue of $1,148.5 million, gross profit of $204.0 million,
• $204.0 m — ue of $1,148.5 million, gross profit of $204.0 million, gross profit margin of 17.8%, an
• $44.6 million — margin of 17.8%, and adjusted EBITDA of $44.6 million. These results reflect the dedication a

Filing Documents

• hffg-20240424.htm (DEF 14A) — 856KB
• hffg-20240424_g1.jpg (GRAPHIC) — 76KB
• hffg-20240424_g2.jpg (GRAPHIC) — 80KB
• hffg-20240424_g3.jpg (GRAPHIC) — 69KB
• hffg-20240424_g4.jpg (GRAPHIC) — 75KB
• hffg-20240424_g5.jpg (GRAPHIC) — 446KB
• hffg-20240424_g6.jpg (GRAPHIC) — 194KB
• 0001680873-24-000019.txt (&nbsp;) — 3547KB
• hffg-20240424.xsd (EX-101.SCH) — 2KB
• hffg-20240424_def.xml (EX-101.DEF) — 3KB
• hffg-20240424_lab.xml (EX-101.LAB) — 3KB
• hffg-20240424_pre.xml (EX-101.PRE) — 2KB
• hffg-20240424_htm.xml (XML) — 76KB

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 25 DIRECTOR COMPENSATION 31 EQUITY COMPENSATION PLAN INFORMATION 35 PROPOSAL 2: RATIFICATION OF THE SELECTION OF BDO USA, P.C. AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 202 4 36 REPORT OF THE AUDIT COMMITTEE 38 PROPOSAL 3: ADVISORY VOTE ON EXECUTIVE COMPENSATION 39 PROPOSAL 4: APPROVAL OF AN AMENDMENT TO THE HF FOODS GROUP INC. 2018 OMNIBUS EQUITY INCENTIVE PLAN 40 SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE 46 STOCKHOLDER PROPOSALS 46 STOCKHOLDER COMMUNICATIONS 47 OTHER MATTERS 47 ANNUAL REPORT ON FORM 10-K 47 WHERE YOU CAN FIND MORE INFORMATION 48 APPENDIX 49 ANNEX 50 1 LETTER FROM OUR CHAIRMAN Dear Stockholders, It is my pleasure to welcome you to the 2024 Annual Meeting of Stockholders of HF Foods Group Inc. ("HF Foods" or the "Company"). On behalf of the Board of Directors and the management team, I am pleased to present the Proxy Statement for this year's meeting, outlining important information regarding the matters to be voted upon by our stockholders. Strategic Transformational Plan In a year in which deflation and inflation impacted important product categories, HF Foods focused on the Company's core operations and initiated the Company's transformation plan that we expect to help us drive long-term growth and profitability. We successfully implemented centralized purchasing in our Seafood business and saw the benefits in the form of higher margins. We have examined our cost structure and our facilities footprint, and have identified multiple opportunities for savings. Our continued focus on centralized purchasing and improving overall operational efficiency will see us drive additional savings. In 2023 we also embarked on a strategic upgrade of our core systems. A new human resources and financial system was implemented, and in 2024 we expect to implement a new supply chain and warehouse management system. While sy

View Full Filing

View this DEF 14A filing on SEC EDGAR