iFresh Receives Nasdaq Listing Determination
September 28 2021 - 5:25PM
iFresh, Inc. (the “Company”) (NASDAQ: IFMK), a leading Asian
American supermarket chain and online grocer, announced today that
on September 22, 2021, Nasdaq notified iFresh that due to the
Company’s continued non-compliance with Nasdaq’s annual meeting and
filing requirements, as set forth in Nasdaq Listing Rules 5620(a)
and 5250(c)(1), respectively, the Company’s securities were subject
to delisting unless the Company timely requests a hearing before a
Nasdaq Hearings Panel (the “Panel”).
The Company plans to timely request a hearing
before the Panel, which request will automatically stay any further
suspension or delisting action by Nasdaq through October 7, 2021.
Concurrent with the hearing request and as allowed by the Nasdaq
Listing Rules, the Company will also request a further stay of
Nasdaq’s determination; that is, beyond October 7, 2021 and pending
the ultimate conclusion of the hearing process.
At the hearing, the Company will present its
plan to evidence compliance with the listing rules and request an
extension within which to do so. The Panel has the discretion to
grant the Company an extension through March 28, 2022 to hold an
annual meeting and through July 11, 2022 to file its periodic
reports.
As previously disclosed, the Company was unable
to timely file the Form 10-K for the fiscal year ended March 31,
2021 and Form 10-Q for the quarter ended June 30, 2021 with the SEC
due to the pending restatement of certain of its previously filed
financial statements, which process must conclude before the
Company will be in a position to file any subsequent periodic
reports with the SEC or a proxy statement for the annual
meeting.
The Company is taking definitive steps to
evidence compliance with the listing rules as soon as practicable;
however, there can be no assurance that the Panel will grant the
Company’s request for continued listing or that the Company will be
able to evidence compliance within the period of time that may be
granted to the Company by the Panel.
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: carrie@ifreshmarket.com
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