Missfresh Ltd - MF STOCK NEWS

The Micro Fulfillment Market is projected to reach a cumulative opportunity of $36 billion by 2030, with over 6,600 Micro Fulfillment Centers (MFCs) installed. The growth is anticipated to be driven by online grocery demand and rapid delivery services. By 2025, MFC installations are expected to increase more than 20 times from approximately 50 in 2020. The market is expected to expand 10 times by 2025 and 30 times by 2030, generating over $6 billion in revenue from automation. North America will account for over 80% of MFC deployments in 2022, with the USA projected to hold more than 50% of the global market by 2030.

Missfresh Limited (Nasdaq: MF) announced on December 5, 2022, that it does not meet the $10 million stockholders’ equity requirement for Nasdaq listing. The company received a 45-day period to submit a compliance plan, which ends on January 19, 2023. Missfresh believes it can satisfy alternative listing criteria, including the $50 million total assets and revenue requirement. Currently, it does not meet the market value requirement for publicly held shares. Failure to comply may result in delisting, but a hearing can be requested to contest any adverse decisions.

Missfresh Limited (Nasdaq: MF) announced on November 16, 2022, that it has regained compliance with the Nasdaq's periodic filing requirement as per the Compliance Notification from Nasdaq dated November 15, 2022. The company previously faced non-compliance due to the late filing of its annual report on Form 20-F for the fiscal year ending December 31, 2021. Following the submission of this report on November 14, 2022, the compliance issue is now resolved.

Missfresh Limited (Nasdaq: MF) has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the U.S. SEC on November 14, 2022. The report includes audited consolidated financial statements and can be accessed via the company’s investor relations website and the SEC’s website. Shareholders and ADS holders can request a hard copy of the report free of charge. For inquiries, Missfresh provides contact information for both their China and U.S. investor relations teams.

Missfresh Limited (Nasdaq: MF) announced it has regained compliance with Nasdaq's Minimum Bid Price Requirement, as confirmed by a Compliance Notice dated October 31, 2022. Previously, the company received a Deficiency Notice on June 2, 2022, due to its American depositary shares (ADSs) trading below the $1.00 minimum for 30 consecutive business days. The company successfully maintained a closing bid price of at least $1.00 from October 17 to October 28, 2022, resolving the compliance issue.

Missfresh Limited (NASDAQ: MF) plans to change the ratio of its American Depositary Shares (ADSs) to Class B ordinary shares from 1 ADS to 3 shares to 1 ADS to 90 shares, effective approximately on October 17, 2022. This adjustment mirrors a one-for-30 reverse ADS split. ADS holders will exchange every 30 existing ADSs for 1 new ADS. Although this shift aims to enhance compliance with Nasdaq's listing requirements, Missfresh acknowledges uncertainties regarding its effectiveness. The change will not affect the underlying Class B shares.

Missfresh Limited (NASDAQ: MF) announced on September 29, 2022, that it has appointed Shandong Haoxin Certified Public Accountants Co., Ltd. as its new independent registered public accounting firm, replacing PricewaterhouseCoopers Zhong Tian LLP. This decision received the approval of both the Audit Committee and the Board of Directors. The shift aims to enhance the Company's financial reporting and compliance processes. The announcement also includes a safe harbor statement concerning forward-looking statements related to business risks and uncertainties.

Missfresh Limited (NASDAQ: MF) announced significant changes to its board and management team. Resignations include independent director Hansong Zhu, director Yuan Sun, co-CFO Jun Wang, and co-CFO Xi (Catherine) Chen, all citing personal reasons. Dr. Jia He and Shun Lam Steven Tang have been appointed to chair the audit and compensation committees, respectively. The company expressed gratitude for the contributions of the departing members. These changes are not linked to any disagreements over company affairs.

Missfresh Limited (NASDAQ: MF) announced significant adjustments to its business strategy, including a temporary shutdown of its on-demand Distributed Mini Warehouse (DMW) service, which previously contributed approximately 85% of its revenue for the nine months ending September 30, 2021. This decision follows a strategic investment agreement with Shanxi Donghui Group for an RMB200 million investment, which has yet to close. The company anticipates these changes will adversely impact its financial performance but aims to maintain operations in its next-day delivery and retail cloud services.