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Highlights
- Bubs is all set to transport more than 180,000 tins of infant formula to the US under new operation fly formula mission.
- US President Biden has declared this new fly formula mission under which the US government is partnering with infant formula makers to transport infant formula to curb supply shortage.
- Bubs has already sent two planes loaded with infant formula earlier this month.
Infant milk formula manufacturer, Bubs Australia Limited (ASX:BUB) shared today (23 June 2022) that US President Joe Biden has announced that his government will be sourcing more flights under the Operation Fly Formula to transport further 180,000 tins of Bubs infant formula to the US.
The transactions are being facilitated by the US Department of Health and Human Services (HHS), informed Bubs.
It should be mentioned that this will be the third and fourth flight of Bubs’ infant formula to the US. First two deliveries took off on 9 and 11 June 2022 respectively.
Related article: Bubs (ASX:BUB) set to air ship baby formula to the US; shares gain on ASX
Share price performance
Backed by the news, Bubs shares were spotted trading 2.419% higher at AU$0.635 per share at 12:33 PM AEST.
Bubs shares have gained more than 41% in past one month and has gone up 188% in last five years.
When will Bubs’ infant formula take the third and fourth flight?
According to the official White House press release, the third plane load would be airlifted from Melbourne, Australia and scheduled to arrive in Los Angeles, California, on 26 June 2022 while the fourth flight would transport tins to Philadelphia on 5 July 2022.
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Image source: © Petunyia | Megapixl.com
Details of the operation fly formula
President Biden launched Operation Fly Formula to bring more baby formula to the US stores as soon as possible and provide relief to American families. The Department of Health and Human Services (HHS), the US Department of Agriculture (USDA), the General Services Administration (GSA), and the Department of Defense (DOD) came together to lift infant formula from overseas that meets the US health and safety standards.
Management Commentary
Kristy Carr, Founder and CEO, Bubs, commented on the development:
“By mid July we expect 361,299 cans of Bubs Infant Formula to have been made available to major retailers across 34 States. This reflects an incredibly concerted effort from Bubs, our logistics and retail partners, and the United States Government.”
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