Farmmi, Inc. announced the sale of several of its wholly owned subsidiaries as part of its cost reduction measures. Zhejiang Yitang Medical Services Co., Ltd., a subsidiary of Farmmi, entered into a share transfer agreement with Lishui Chida Logistics Co., Ltd. to sell 100% of the equity of Guoning Zhonghao (Ningbo) Trade Co., Ltd. and Ningbo Farmmi Baitong Trade Co., Ltd. for approximately $1,394 and $697, respectively. Similarly, Zhejiang Farmmi Ecological Agricultural Technology Co., Ltd., another Farmmi subsidiary, agreed to sell 100% of the equity of Zhejiang Farmmi Biotechnology Co., Ltd. to Lishui Damushan Tea Co., Ltd. for approximately $1,394. These transactions are part of a strategic effort to reduce costs associated with maintaining these subsidiaries, which had not been conducting substantial business.
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