TTCF - Tattooed Chef Inc.: Cooling Sales At Frozen Vegetable SPAC Will Likely Leave Investors Burned

• While Tattooed Chef revenues have grown rapidly this year, Nielsen scanner data show that retail sales stalled in recent months, significantly underperforming other plant-based emerging brands like Caulipower and Daiya.
• Tattooed Chef suffers from extreme concentration risk, with >70% of branded sales coming from selling just 4-5 products to Sam's Club.
• The company has shown little ability to innovate and lacks any meaningful merchandising competence, making its foray into the grocer channel extremely unlikely to succeed.
• TTCF trades at over 13x branded sales, a level that's much higher than typical for plant-based CPG transactions, and is worth less than half the current stock price.

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