iFresh Announces NASDAQ Delisting
22 Novembre 2021 - 7:00PM
iFresh, Inc. (the “Company”) (NASDAQ: IFMK), a leading Asian
American supermarket chain and online grocer, announced today that
on November 19, 2021, the Company received notice from the staff of
the Nasdaq Stock Market (the “Staff”) that the Nasdaq Hearings
Panel (the “Panel”) has denied the Company’s appeal of the Staff’s
September 22, 2021 decision to delist the common stock of the
Company. Accordingly, the Company’s common stock will be delisted
effective with the open of business on November 23, 2021. The
Company’s common stock is expected to continue to be traded on the
OTC Expert Market, and the Company will seek to establish
relationships with market makers to provide additional trading
opportunities in the Company’s stock. However, there can be no
assurance that a market for the Company’s shares will develop.
The Panel’s decision to delist the Company’s common stock was
based on two continued listing deficiencies. First, the Panel noted
that the Company was not in compliance with Nasdaq Listing Rules
due to its failure to timely hold an annual meeting of shareholders
for the fiscal year ended March 31, 2020, which is required to be
held within twelve months of the Company’s fiscal year end under
Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G). Second, the Panel
noted that the Company did not comply with Nasdaq’s filing
requirements set forth in Listing Rule 5250(c)(1) because it had
not filed its Form 10-K for the year ended March 31, 2021, and its
Form 10-Q for the period ended June 30, 2021. The Company failed to
regain compliance pursuant to the above rules.
In addition, the Panel noted that the Panel had considered the
Company’s history of noncompliance with Nasdaq’s several continued
listing requirements and failure to address in a timely manner
material weaknesses in its internal controls over financial
reporting disclosed in its 2019 and 2020 annual reports on Form
10-K. The Panel concluded that it is not in the best interests of
Nasdaq or prospective investors for the Company to remain listed on
the exchange.
The Company does not expect the Staff’s determination to have
any impact on its day-to-day operations.
About iFresh, Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island City,
New York, is a leading Asian American grocery supermarket chain and
online grocer on the east coast of U.S. With nine retail
supermarkets along the US eastern seaboard (with additional stores
in Glen Cove, Miami and Connecticut opening soon), and one in-house
wholesale business strategically located in cities with a highly
concentrated Asian population, iFresh aims to satisfy the
increasing demands of Asian Americans (whose purchasing power has
been growing rapidly) for fresh and culturally unique produce,
seafood and other groceries that are not found in mainstream
supermarkets. With an in-house proprietary delivery network, online
sales channel and strong relations with farms that produce Chinese
specialty vegetables and fruits, iFresh is able to offer fresh,
high-quality specialty produce at competitive prices to a growing
base of customers. For more information, please visit:
http://www.ifreshmarket.com/.
Forward-Looking Statement
This press release contains within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may be
identified by the use of words such as "anticipate", "believe",
"expect", "estimate", "plan", "outlook", and "project" and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward-looking statements include timing of the proposed
transactions; the business plans, objectives, expectations and
intentions of the parties once the transactions are complete, and
the Company’s estimated and future results of operations, business
strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
All information provided in this press release is as of the date
hereof. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC. IFMK's SEC filings are available
publicly on the SEC's website at www.sec.gov. IFMK disclaims
any obligation to update the forward-looking statements, whether as
a result of new information, future events or otherwise.
For more information, please contact:
At the Company:
iFresh, Inc.
Email: carrie@ifreshmarket.com
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