2023-04-12 07:25:57 ET
- HF Foods Group ( NASDAQ: HFFG ) adopted a limited duration shareholder rights plan on concern that parties may be engaging in undisclosed stock accumulation and group formation activities to gain control of the Asian food distributor.
- HF Foods ( HFFG ) also declared a dividend distribution of one right for each outstanding share of the company’s common stock to stockholders of record as of the close of business on April 24, according to a statement. The company's board hasn't started a process to sell the company and believes in the company's standalone prospects.
- The "poison pill' goes into effect if an entity, person or group acquires beneficial ownership of 15% or more of the company’s outstanding common stock in a transaction not approved by the board. The rights plan is set to expire in a year.
- HF Foods ( HFFG ) retained JPMorgan as its financial advisor, Arnold & Porter Kaye Scholer LLP as its legal advisor, MacKenzie Partners, Inc. as its stockholder advisor, and Gagnier Communications as its strategic communications advisor.
- Last month HF Foods ( HFFG ) reported 4Q results.
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HF Foods Group adopt shareholder rights plan