iFresh Announces It Has Regained Compliance with Nasdaq Listing Rules

Rhea-AI Summary

iFresh, Inc. (Nasdaq: IFMK) announced on May 4, 2020, that it has regained compliance with Nasdaq's continued listing requirements. This follows a written notice from Nasdaq's Listing Qualifications Staff, ensuring that IFMK's common stock will remain listed. iFresh operates an Asian American supermarket chain and online grocer on the U.S. East Coast, focusing on fresh produce and unique groceries. With several retail locations and a proprietary delivery network, iFresh aims to serve the growing demand among Asian Americans for specialty foods.

Positive

• Regained compliance with Nasdaq's continued listing requirements.
• Common stock will remain listed on Nasdaq, ensuring investor confidence.
• Growing demand for Asian specialty groceries due to increasing purchasing power.

Negative

• None.

NEW YORK, May 05, 2020 (GLOBE NEWSWIRE) -- iFresh, Inc. (“iFresh” or the “Company") (Nasdaq: IFMK), a leading Asian American supermarket chain and online grocer, announced today that the Company received a written notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) on May 4^, 2020, indicating that the Company has regained compliance with Nasdaq’s continued listing requirements and that its common stock will continue to be listed on Nasdaq Stock Market.

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 two in-house wholesale businesses 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 Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking 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: herinyin@newyorkmart.com

FAQ

What does the recent Nasdaq compliance notice mean for IFMK?

The notice indicates that iFresh has regained compliance with Nasdaq's listing requirements, allowing its stock to remain listed.

When did iFresh announce its compliance with Nasdaq?

iFresh announced its compliance on May 4, 2020.

What is the focus of iFresh's business?

iFresh focuses on providing Asian specialty groceries and fresh produce to its customers through retail supermarkets and online sales.

How does iFresh serve the Asian American community?

iFresh operates supermarkets and an online grocery service that caters specifically to the needs of the Asian American community.

What is the stock symbol for iFresh?

The stock symbol for iFresh is IFMK.