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On May 31, 2022, the SEC filed a civil lawsuit against iFresh and CEO Long Deng for alleged securities law violations related to undisclosed related party transactions. Mr. Deng plans to rigorously defend himself, asserting he relied on professional advice to ensure compliance with U.S. securities laws. He emphasizes he did not gain personally from the alleged misconduct. The defense team, led by experienced attorneys, aims to clear Mr. Deng's name as the case progresses.
iFresh, Inc. (OTC: IFMK) announced operational updates to investors following its delisting from the Nasdaq Stock Market on November 23, 2021. The company is currently traded on the OTC Expert Market and is focused on compliance with ongoing reporting obligations. iFresh's subsidiary, New York Mart, has partnered with Uber for online grocery delivery. Additionally, the company has entered a master product supply agreement with Alibaba.com for cross-border trade, selling American products to China. iFresh aims to strengthen its business fundamentals as it prepares its quarterly and annual reports.
iFresh, Inc. (NASDAQ: IFMK) announced on November 19, 2021, that the Nasdaq Hearings Panel has denied its appeal to avoid delisting from Nasdaq. The delisting is effective November 23, 2021, due to noncompliance with listing rules, including failure to hold an annual shareholder meeting and not filing required financial reports. While IFMK will trade on the OTC Expert Market, there is no guarantee of a viable market for its shares. The Panel's decision reflects concerns over iFresh's history of noncompliance and financial reporting weaknesses. However, the company claims this will not affect its daily operations.
iFresh, Inc. (Nasdaq: IFMK) announced a new Master Product Supply Agreement with Alibaba.com Singapore E-Commerce Private Limited (Tmall Global) on Nov. 10, 2021. This partnership allows iFresh to sell American food products to China through Tmall Global's e-commerce platform. The agreement commits iFresh to offer fresh products like infant formula, dried fruits, and snacks, utilizing Tmall's US-based warehouse for efficient distribution. Chairman Long Deng stated this collaboration aims to expand iFresh's global market presence, enhancing financial performance and shareholder value.
iFresh, Inc. (NASDAQ: IFMK) announced it is requesting a hearing with Nasdaq to challenge a potential delisting due to non-compliance with annual meeting and filing requirements. Nasdaq notified iFresh on September 22, 2021, that its securities could be delisted unless a hearing is requested. The company aims to present a plan to demonstrate compliance and seek an extension to meet requirements. Additionally, iFresh was unable to file necessary financial statements due to pending restatements, complicating their compliance efforts further.
iFresh, Inc. (NASDAQ: IFMK) announced receipt of a notification from Nasdaq regarding its non-compliance with listing rules due to untimely filing of its Form 10-Q for the quarter ending June 30, 2021, and the Form 10-K for the fiscal year ending March 31, 2021. This latest notice follows an earlier notification dated July 15, 2021. iFresh has the option to submit a compliance plan, potentially gaining up to 180 additional days to meet filing requirements, with a due date of January 10, 2022. The company is committed to addressing these compliance issues.
iFresh, Inc. (Nasdaq: IFMK) announced an exclusive agreement with Bit Farm Inc. to distribute Bit Silica Plus, a fertilizer designed to enhance plant growth. This agreement permits iFresh to market Bit Silica Plus across the U.S. for 12 months, potentially extending thereafter. The product aims to rectify common nutritional deficiencies in plants through a unique blend of silica, titanium, and calcium. iFresh plans to leverage its extensive retail network to introduce this innovative product, which has shown positive trial results at partnering farms.
iFresh, a supermarket chain, reports strong sales of dragon fruit, lychee, and longan, driven by a bountiful harvest from Dragon Seeds farm in Florida. Sales projections for 2021 include $1.2 million for dragon fruit and $350,000 for both lychee and longan. The company emphasizes building a robust supply chain to mitigate pandemic-related challenges while capitalizing on the growing demand for exotic fruits among Asian communities and beyond.
iFresh (Nasdaq: IFMK) announced a partnership with HungryPanda on April 20, 2021, to launch an online perishable goods delivery service in New York. This collaboration will allow customers to order iFresh's products via the HungryPanda app, with options for on-demand or scheduled delivery. The delivery service is expected to start by the end of April 2021 and may expand to other regions. Chairman Long Deng emphasized the partnership enhances convenient shopping for customers and aims to boost online sales.
iFresh, Inc. (Nasdaq: IFMK) has announced a partnership with Yami to expand its fresh grocery and snack sales through Yami's e-commerce platform. This collaboration aims to enhance iFresh’s market reach beyond its current locations, beginning with availability in New York since March 9, 2021. As consumer demand grows, delivery is expected to extend to additional regions such as Boston, Maryland, and Florida. Chairman Long Deng emphasized the partnership's potential to increase sales and customer base while providing essential goods to the Asian community.
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