Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Shares of our common stock are listed for trading on NASDAQ under the symbol “HFFG,” and have been publicly traded since September 7, 2017. Prior to that date, there was no public market for our stock.
Holders of Record
As of March 22, 2024, there were 52,155,968 shares of our common stock outstanding held by 41 shareholders of record. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.
Dividends
We have not paid any cash dividends on our common stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and our general financial condition. The payment of any dividends will be within the discretion of our Board of Directors at such time. It is the present intention of our Board of Directors to retain all earnings, if any, for use in our business operations and, accordingly, our Board of Directors does not anticipate declaring any dividends in the foreseeable future. In addition, our Board of Directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
On December 1, 2023, pursuant to the settlement agreement (as amended, the “Settlement Agreement”) between the Company and certain parties to the verified stockholder derivative complaint (the “Delaware Action”) filed by James Bishop in the Court of Chancery of the State of Delaware, the Company received 1,997,423 shares of the Company’s common stock (the “Settlement Shares”), from Zhou Min Ni, a former Chairman and Chief Executive Officer of the Company, and Chan Sin Wong, a former President and Chief Operating Officer of the Company (together with Mr. Ni, the “Ni Defendants”), in addition to cash. All of the Settlement Shares received as consideration from the Ni Defendants have been placed by the Company in treasury. See Note 16 - Commitments and Contingencies to the consolidated financial statements and Part I – Item 3. – Legal Proceeding s in this Annual Report on Form 10-K for more information.
Stock Performance Graph
The following graph compares the cumulative total return on our common stock with the cumulative total returns on the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500”), and the Standard and Poor’s Food and Staples Retailing Index from December 31, 2018 to December 31, 2023.
The graph assumes an investment of $100 in our common stock and each of the indices on December 31, 2018 and the reinvestment of dividends, as applicable. The cumulative total return on our common stock as presented is not necessarily indicative of future performance.
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12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/30/2022 12/29/2023
HF Foods Group Inc. $100 $147 $57 $64 $31 $40
S&P 500 $100 $131 $156 $200 $164 $207
S&P Food and Staples Retailing Index $100 $127 $148 $185 $166 $192
ITEM 6. [RESERVED]
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