Nature's Miracle appoints new CFO and COO

ONTARIO - Nature's Miracle Holding Inc. (NASDAQ: NMHI), a company specializing in vertical farming technology currently trading at $2.25 per share, announced a reshuffle in its executive team, with Daphne Y. Huang stepping in as Chief Financial Officer (CFO) and George Yutuc transitioning to the role of Chief Operating Officer (COO). According to InvestingPro data, the company faces significant challenges with a weak financial health score of 0.36 out of 1.0. This strategic move, effective December 1, 2024, is aimed at bolstering the company's long-term growth and operational efficiency.

Ms. Huang's appointment brings to Nature's Miracle over 20 years of financial and operational leadership across various sectors, including healthcare, pharmaceuticals, manufacturing, IT-backed logistics, artificial intelligence (AI), and financial services. The appointment comes at a crucial time as the company grapples with negative gross margins of -5.13% and an EBITDA of -$8.1 million in the last twelve months. Her most recent role was as CFO of Gorilla Technology Group Inc., a NASDAQ-listed company. Her extensive background also includes positions at Taro Pharmaceutical Industries (NYSE:TARO) Ltd., listed on the NYSE, and other significant financial roles at HSBC Bank, GE Capital Markets, Inc., and PricewaterhouseCoopers LLP.

Mr. Yutuc, who served as CFO of Nature's Miracle until recently, has a history of consulting with major private equity firms and brings experience from his time as CFO of Karat Packaging (NYSE:PKG) during its transition to a NASDAQ-listed company with significant revenue growth. His prior experience includes senior financial roles in fast-growth companies and a stint at Deloitte & Touche.

James Li, Chairman and CEO of Nature's Miracle, expressed his enthusiasm for the appointments, highlighting Ms. Huang's financial expertise and Mr. Yutuc's operational experience as crucial for the company's future success.

Ms. Huang shared her eagerness to contribute to the company's strategic diversification and success, while Mr. Yutuc expressed his readiness to optimize processes and drive value creation in his new role as COO.

Nature's Miracle is an agriculture technology company that provides equipment and services for Controlled Environment Agriculture (CEA), including vertical farming in North America. The company aims to support growers with hardware and hydroponic products through its subsidiaries Visiontech Group, Inc. and Hydroman, Inc. With current revenues of $9.99 million, the company faces significant challenges, as revealed by InvestingPro analysis, which identifies several key risk factors. Subscribers to InvestingPro can access over 30 additional financial metrics and exclusive insights to better understand the company's growth potential.

The announcement is based on a press release statement and reflects the company's efforts to align its leadership with strategic growth objectives.

In other recent news, Nature's Miracle Holding Inc. has made significant strides in its business operations and financial restructuring. The company has entered into a substantial investment agreement with Future Tech Incorporated to construct a new data center and vertical farming facility, marking a notable expansion into the tech and sustainable agriculture sectors. The company has also converted $2 million of its debt into equity, involving key management members and debt holders.

Nature's Miracle has announced a one-for-thirty reverse stock split in response to a Nasdaq delisting notice due to non-compliance with minimum bid price requirements. In addition, the company has outlined the terms of a public offering managed by D. Boral (OTC:BOALY) Capital LLC, aiming to raise approximately $3 million.

Strategically, the company has rebranded its subsidiary, Hydroman Inc., to Hydroman Electric Corporation, signaling a shift towards the electric vehicle sector. Nature's Miracle has secured a $5.1 million sales agreement with What Rebates LLC and a $2.4 million purchase order from a major indoor grower in California for its Efinity brand grow lights.

However, the company faces potential Nasdaq delisting due to non-compliance with market value requirements and plans to appeal this decision. Furthermore, the company's Chief Operating Officer, Darin Carpenter, has transitioned to a consulting role, and plans for a merger with Agrify Corporation have been mutually terminated. These are the recent developments in Nature's Miracle's business operations.

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