iFresh Announces Termination of Share Exchange Agreement
iFresh Inc. (IFMK)
US:NASDAQ Investor Relations:
investors.ifreshmarket.com/investor-relations
Company Research
Source: GlobeNewswire
NEW YORK, Nov. 06, 2019 (GLOBE NEWSWIRE) -- iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading Asian American grocery supermarket chain and online grocer, announced today that its board of directors approved the termination of a Share Exchange Agreement (the “Exchange Agreement”) with Xiaotai International Investment Inc. (“Xiaotai”) due to an ongoing investigation of Xiaotai on alleged illegal fundraising from the public by the Hangzhou Police Department, Binjiang Branch (“Hangzhou Police”). iFresh entered into the Exchange Agreement with Xiaotai on June 7, 2019. On November 5, 2019, after the iFresh’s board of directors voted to terminate the Exchange Agreement, iFresh issued a written notice to Xiaotai International and Xiaotai Shareholders to notify them the Exchange Agreement had been terminated, effective immediately. As a result of the termination of the Exchange Agreement, iFresh management will begin exploring other strategic alternatives. About iFresh, I
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