iFresh Inc. Receives News with Respect to Xiaotai International Investment Inc
iFresh Inc. (IFMK)
US:NASDAQ Investor Relations:
investors.ifreshmarket.com/investor-relations
Company Research
Source: GlobeNewswire
NEW YORK, Nov. 05, 2019 (GLOBE NEWSWIRE) -- iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading Asian American grocery supermarket chain and online grocer, received news regarding an ongoing investigation of Zhejiang Xiaotai Technology Co. Ltd. (“Zhejiang Xiaotai) by the Hangzhou Police Department, Binjiang Branch (“the Hangzhou Police”) through a public notice released by the Hangzhou Police on November 2, 2019. Zhejiang Xiaotai is alleged to have conducted illegal fundraising from the public. The report also stated that several executives of Zhejiang Xiaotai have been detained and are being held in custody. Zhejiang Xiaotai is a variable interest entity of Xiaotai International Investment Inc. (“Xiaotai International”) in China. Shareholders of iFresh previously voted to approve the acquisition of Xiaotai International in September 2019. Closing of the acquisition had been pending subject to regulatory approval by NASDAQ. iFresh’s management and board of directors
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