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iFresh, Inc. (Nasdaq: IFMK) announced a Limited Waiver and Amendment Agreement with KeyBank concerning a Credit Agreement. This waiver provides a temporary relief from certain events of default, contingent upon the receipt of $1 million by April 7, 2021. Chairman Long Deng expressed optimism that this agreement will help improve the company's credit rating and meet Form S-3 filing requirements. iFresh operates as a leading Asian American grocery chain with nine retail locations across the eastern U.S. and aims to cater to the growing demand for specialty produce.
iFresh, Inc. (Nasdaq: IFMK) reported its fiscal second quarter results for the period ending September 30, 2020, with total net sales reaching $24.2 million and a gross profit of $4.8 million, indicating a slight increase year-over-year. The adjusted loss before income tax was $2.4 million, impacted by the acquisition of Jiuxiang Blue Sky Technology, which incurred a net loss of $2.2 million. The company maintains cash and cash equivalents of $7.8 million. Chairman Long Deng acknowledged the challenges posed by COVID-19 but expressed optimism about future growth through e-commerce initiatives.
iFresh, Inc. (Nasdaq: IFMK) announced the cancellation of its special shareholder meeting originally set for September 18, 2020. The meeting was intended to seek shareholder approvals for several proposals, including Series A and B Share Exchange proposals and a Nasdaq proposal. A new meeting date will be announced soon. iFresh operates a supermarket chain and online grocery service focused on Asian American communities, with plans to expand its retail presence along the U.S. East Coast.
iFresh, Inc. (Nasdaq: IFMK) has launched its new bilingual e-commerce website, www.onlineifresh.com, aiming to enhance customer reach beyond the Chinese-speaking community. This initiative aligns with the growing trend of online grocery shopping, especially during the pandemic. The company has partnered with Benvenuti Public Relations to develop a marketing campaign that seeks to boost brand awareness and sales. iFresh operates nine supermarkets along the U.S. East Coast, catering to the rising demand for Asian groceries.
iFresh, Inc. (Nasdaq: IFMK) has successfully acquired Jiuxiang Blue Sky Technology (Beijing) Co., Ltd., enhancing its supply chain financial services and technological capabilities. The acquisition involved the issuance of 5,036,298 shares of common stock and 1,000 shares of Series C Convertible Preferred Stock, expected to convert into 1,916,781 common shares post-approval. This strategic move aims to strengthen iFresh's e-commerce model and expand its consumer base in the U.S. market, aligning with its objective to lead in online grocery services.
iFresh, Inc. (Nasdaq: IFMK) announced it has entered an acquisition agreement to acquire Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. in exchange for 5,036,298 shares of common stock and 1,000 Series C Convertible Preferred Shares, convertible to an additional 1,916,781 common shares. This acquisition aims to leverage Jiuxiang's technology in supply chain financial services and integrated payment systems to enhance iFresh's market reach and operational efficiency. The closing of the acquisition is subject to customary conditions.
iFresh, Inc. (Nasdaq: IFMK) is expanding its online grocery delivery services to Florida, Maryland, and Massachusetts, in addition to New York. Residents within a 60-mile radius of select stores can access these services. The expansion is driven by the demand for online shopping amid the COVID-19 pandemic. CEO Long Deng emphasized the potential for growth in grocery delivery, aiming to meet rising consumer needs while increasing sales. This initiative will further enhance iFresh's presence in the market.
iFresh, Inc. (Nasdaq: IFMK) has donated 20,000 face masks, 200 KN95 respirator masks, and 1,000 pairs of gloves to frontline workers in New York City. Half of the face masks and all KN95 masks are FDA/CE certified, produced by the company's 70% owned subsidiary, Xiamen DL Medical Technology. Brooklyn Borough President Eric L. Adams expressed gratitude for the contributions of iFresh and the Chinese American community during the COVID-19 crisis. CEO Long Deng emphasized the company's ongoing commitment to supporting local communities.
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.
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