Recent Updates — HFFG
HF Foods Group Inc. terminated its At-The-Market (ATM) equity offering program and the associated Sales Agreement with D.A. Davidson & Co. and Roth Capital Partners, LLC, effective September 24, 2026. The ATM program, established on September 25, 2025, authorized the sale of common stock for aggregate gross proceeds of up to $100 million. HF Foods Group Inc. is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States and Canada.
HF Foods Group Inc. completed the acquisition of Searay Foods Inc. and Morgan Foods Inc. on August 31, 2026, for an aggregate base purchase price of CAD$47,921,740 (approximately USD$35 million). The consideration consisted of CAD$38,365,392 in cash and the issuance of 1,701,871 shares of HF Foods common stock priced at USD$4.00 per share. The transaction includes contingent earnout payments based on EBITDA targets over a two- to three-year period. This acquisition marks HF Foods' first international expansion into Canada, adding specialty frozen seafood distribution capabilities. HF Foods Group Inc. is a leading distributor of international foodservice solutions to Asian restaurants and other businesses across the United States and Canada.
HF Foods Group Inc. reported financial results for the second quarter ended June 30, 2026. Net revenue increased 2.8% year-over-year to $323.8 million, driven by volume growth and pricing improvements in Seafood and Commodity segments. GAAP net income rose 413.9% to $2.6 million, while adjusted net income grew 0.8% to $6.4 million. Adjusted EBITDA decreased 2.0% to $13.6 million due to incremental tariffs partially offset by IEEPA tariff refunds and employee retention credits. The company also announced an agreement to acquire Searay Foods, a Canadian importer of ethnic seafood, marking its first expansion outside the United States. HF Foods Group Inc. is a leading distributor of international foodservice solutions to Asian restaurants and other businesses across the United States.
On July 29, 2026, HF Foods Group Inc. entered into the Seventh Amendment to its credit agreement with JPMorgan Chase Bank and other lenders. The amendment increases the asset-based revolving facility commitments from $125 million to $140 million and refinances existing term loans while funding an additional advance of approximately $40.1 million, resulting in total term loan principal of $125 million. Wells Fargo Bank ceased as a lender. The revolving facility matures on July 29, 2031, and term loans mature on July 29, 2036. The transaction facilitates the company's planned acquisition of Searay Foods Inc., which must close within 120 days or trigger a $6.8 million prepayment requirement. HF Foods Group Inc. operates in the food manufacturing industry, specializing in the production and distribution of frozen foods.
HF Foods Group Inc. entered into a definitive agreement to acquire Searay Foods Inc. and its related entities for an aggregate base purchase price of CAD$47,921,740, representing approximately 5.0x Searay's 2025 Adjusted EBITDA. The consideration will be paid through a combination of CAD$38,365,392 in cash and 1,701,871 shares of common stock to be held in escrow, with additional contingent earnout payments based on EBITDA targets. The transaction is expected to close by August 31, 2026. HF Foods Group Inc. is a distributor of international foodservice solutions to Asian restaurants and businesses across the United States.