HF Foods Group (HFFG) Receives Additional Non-Compliance Letter From Nasdaq

HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States (“HF Foods” or the “Company”), announced today that the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“Nasdaq”) on May 12, 2022 stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic reports with the Securities and Exchange Commission (the “SEC”). The Nasdaq notification letter was sent as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Form 10-Q”). The Nasdaq notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

The Company filed a Notification of Late Filing on Form 12b-25 on May 11, 2022. In the Form 12b-25, the Company indicated that the filing of the Form 10-Q would be delayed as a result of an ongoing review of accounting issues relating to the Company’s business combination with B&R Global Holdings, Inc. on November 4, 2019, in response to a SEC comment letter.

As previously announced on April 7, 2022, the Company also received a notification letter (the “Form 10-K Notification Letter”) relating to its delay in filing its Annual Report on Form 10-K (the “Form 10-K”) for the year ended December 31, 2021. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Form 10-K Notification Letter, or until May 31, 2022, to submit a plan to Nasdaq to regain compliance with Nasdaq’s listing rules relating to the filing of its Form 10-K and Form 10-Q. If the Company’s plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the Form 10-K’s due date, or until September 27, 2022, to regain compliance. The Company also may regain compliance at any time during this period by filing with the SEC the Form 10-K, Form 10-Q, as well as any subsequent periodic financial reports that may become due, and continuing to comply with Nasdaq’s other continued listing requirements.

The Company’s management is working diligently with its independent registered accounting firm and other advisors to resolve all of the outstanding issues aforementioned. The Company intends to file with the SEC the Form 10-K and Form 10-Q and regain compliance with Nasdaq’s continued listing requirements as soon as practicable.

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