iFresh, Inc. Announces Pricing of Approximately $2.6 Million Registered Direct Offering
October 19 2018 - 9:34AM
iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ:IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today it has entered into a securities purchase agreement
with certain accredited investors to purchase approximately $2.6
million of its common stock in a registered direct offering and
warrants to purchase common stock in a concurrent private
placement.
Under the terms of the securities purchase
agreement, iFresh has agreed to sell 1,275,000 shares of its common
stock. In a concurrent private placement, the Company has agreed to
issue unregistered warrants to purchase up to approximately
1,170,000 shares of common stock. If the Company issues common
stock or common stock equivalents with an issuance price below the
then existing exercise price of the warrants, the exercise price of
the warrants will be subject to downward adjustment to the issuance
price of any such subsequently issued common stock or common stock
equivalents. The warrants will be exercisable immediately following
the date of issuance and have an exercise price of $2.25. The
warrants will expire 5 years from the earlier of the date on which
the shares of common stock issuable upon exercise of the warrants
may be sold pursuant to an effective registration statement or may
be exercised on a cashless basis and be immediately sold pursuant
to Rule 144. The purchase price for one share of common stock and a
corresponding warrant will be $2.00. The gross proceeds to iFresh
from the registered direct offering and concurrent private
placement are estimated to be approximately $2.6 million before
deducting the placement agent’s fees and other estimated offering
expenses. The registered direct offering and concurrent private
placement are expected to close on or about October 23, 2018,
subject to the satisfaction of customary closing conditions.
Maxim Group LLC acted as sole placement agent
for the offering.
The common stock being sold pursuant to the
registered direct offering is being made pursuant to a shelf
registration statement on Form S-3 (File No. 333-224141),
previously filed with the Securities and Exchange Commission (the
“SEC”) on April 4, 2018 and declared effective on April 25, 2018.
Such securities are being offered only by means of a prospectus. A
prospectus supplement and the accompanying prospectus relating to
and describing the terms of the registered direct offering will be
filed with the SEC. The warrants, along with the underlying common
stock have not been registered under the Securities Act of 1933, as
amended. When available, copies of the prospectus supplement and
the accompanying prospectus relating to the registered direct
offering may be obtained at the SEC’s website www.sec.gov or by
contacting Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174, at 212-895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About iFresh, Inc.iFresh Inc.,
headquartered in Long Island City, New York, is a leading Asian
American grocery supermarket chain and online grocer. With nine
retail supermarkets along the US eastern seaboard (with additional
stores in Glen Cove, Miami and Connecticut opening soon), 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
This announcement contains forward-looking
statements. Forward-looking statements provide our current
expectations or forecasts of future events. Forward-looking
statements include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements in this announcement include, but are not limited to,
statements regarding our disclosure concerning the Company's
operations, cash flows, financial position and dividend policy.
Contact Information
At the Company:
iFresh, Inc.
Email: ir@ifreshmarket.com
Investor Relations:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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