Connect with us

Public Companies

UPDATE – DayDayCook Alters Strategy to Achieve Nasdaq Listing; Announced New Funding Round ahead of IPO

Company Continues to Execute on Business Growth Through Accretive Partnerships with Nestle China and OATLY; Raises Additional Capital Ahead of its Proposed…

Published

on

Company Continues to Execute on Business Growth Through Accretive Partnerships with Nestle China and OATLY; Raises Additional Capital Ahead of its Proposed IPO

HONG KONG, July 12, 2022 (GLOBE NEWSWIRE) -- DayDayCook (“DDC” or the “Company”), a leading content-driven meal solutions brand in China announces its decision to terminate its previously proposed merger with Special Purpose Acquisition Company (SPAC) ACE Global acquisition corp. Instead, the company has decided to undertake its initial public offering (IPO) on the Nasdaq.

“We continue to be very excited about the prospect of taking DDC public in the US. However, unfavorable market conditions, in particular those related to the SPAC market, has demonstrated that our efforts are perhaps best concentrated on taking a more direct path via an IPO on Nasdaq. I am thankful to our board members and shareholders who give us their full support and agree this is a better option for the company. I am also excited to have the opportunity to work with the banking partners who are among the best in the business,” comments Norma Chu, DDC’s founder and CEO.

Business Growth Continues with New Partnerships
In the meantime, the Company has made tremendous progress in growing its plant-based foods business, announcing a strategic partnership with Nestle China and OATLY. Both partnerships are expected to launch as early as the third quarter of this year with DDC incorporate OATLY products into innovative and convenient ready-to-cook meal kits. The company’s partnership with Nestle China is also expected to also hit the shelves before end of the year with the two brands coming together to launch a series of innovative and healthy ready-to-cook plant-based meal solutions. DayDayCook’s brand recognition in social media networks such as Little Red Book and TikTok have been rising rapidly this year. DDC is amongst the top two brands for plant-based products on those mainstream platforms.

DayDayCook Announces Additional Pre-IPO Funding Round
DayDayCook also announces a pre-IPO funding round with participation from new investors Brinc and Esquel Ventures, alongside existing investor C Ventures backed by New World Development CEO Adrian Cheng. Both Brinc and Esquel Ventures are well known for their focus in sustainability and ESG investments. Brinc is also the operating partner for DDC’s food tech accelerator program where DDC identifies and invests in food tech startups with a ESG and sustainability focus. The Company expects these additional funds to continue to grow its customer base as well as execute accretive acquisition opportunities both in China and in Southeast Asia markets.

About DayDayCook – A Leader in Food Innovation
Founded in 2012, DayDayCook (“DDC”) is a direct-to-consumer company focuses on innovative and healthy meal solutions with a fast-growing omnichannel sales network in China and a strong online presence globally. DDC has launched ready-to-heat (RTH), ready-to-cook (RTC) and plant-based food products, which bring convenience and quality food products to the young food lovers. The Group builds brand recognition through culinary and lifestyle content across major social media and e-commerce platforms, resulting in over aggregate 3 billion video views and over 10 million orders worldwide.

Media Contact:
Julian Law Wing Chung @ Jervois OneIreen Hung @ Jervois One
9620 2029
93029650
  
IR Contact:
Matt Blazei
CoreIR
516-386-0430
 

Read More