What Happened to HF Foods Group?
Ticker: HFFGSPAC Year: 2017Merger: 2019
Return
-82.3%
Current Price
$1.77
Peak Price
$35
Trust Size
$542M
Summary
HF Foods Group is a specialty food distributor serving Asian restaurants and other foodservice customers across the United States, offering fresh produce, frozen food, and dry goods.
What Happened
HF Foods went public through a SPAC merger in 2018 and grew rapidly through acquisitions of other Asian food distributors. However, the company became embroiled in an SEC fraud investigation, with the SEC charging HF Foods and its founders with accounting fraud including creating fictitious lines of credit and concealing liabilities in connection with the original SPAC transaction. The stock has fallen dramatically from its highs.
Timeline
2017-06-26
S-1 Registration Filed
2019-10-02
Merger Proxy Filed (DEFM14A)