iFresh Announces Entry into Definitive Agreement for Acquisition of Xiaotai and Simultaneous Spin-off of its Wholly Owned Subsidiary
iFresh Inc. (IFMK)
US:NASDAQ Investor Relations:
investors.ifreshmarket.com/investor-relations
Company Research
Source: GlobeNewswire
NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading Asian American grocery supermarket chain and online grocer, announced entry into Share Exchange Agreement for acquisition (“Acquisition”) of Xiaotai International Investment Inc.(“Xiaotai”), a “peer-to-peer” lending company based in Hangzhou, China providing an internet lending information intermediary platform that gives borrowers access to a variety of loan products in China, and entry into Share Purchase Agreement for the spin-off of NYM Holding Inc. (“NYM”), a wholly owned subsidiary of the Company into a standalone private company, Go Fresh 365 Inc. (“Go Fresh”), solely owned by Mr. Long Deng, IFMK’s Chief Executive Officer. Pursuant to the Share Exchange Agreement dated June 7, 2019, the Company shall acquire all of the issued and outstanding shares of Xiaotai from its shareholders in exchange for issuance of 254,813,383 shares of common stock (the “Exchange Shares”)
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