Farmmi Continues to Jump

Farmmi, Inc. (NASDAQ:FAMI) rose sharply Monday after jumping around 25% on Friday. The company, last week, announced it priced its 140 million common stock offering $0.30 per share.

The China-based company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on Monday subject to customary closing conditions.

The Company has also granted the underwriter a 45-day option to purchase up to an additional 15% of the number of ordinary shares offered in the public offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $48.3 million , if the over-allotment option is exercised in full.

The ordinary shares described above are being offered by Farmmi, Inc. pursuant to an effective registration statement on Form F-1 previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC last Wednesday,

Last week came news that subsidiary Zhejiang Forest Food won a multi-product order for export to Japan for the company's high-quality, richly flavored dried mushrooms, and dried black fungus.

Japan is one of the world's top markets with consumers using mushrooms in a wide variety of foods and soups thereby benefitting Farmmi with higher sales demand
Farmmi is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products.

FAMI shares grabbed eight cents, or 17.6%, to begin the first week of May at 52 cents.