the Securities Exchange Act of 1934 (Amendment
No. 1)
SUPPLEMENT TO NOTICE OF ANNUAL MEETING
June 7, 2019
Dear Stockholders:
This proxy statement supplement
(the “
Supplement
”) updates and revises the information contained in the Proxy Statement dated May 10, 2019
(the “Original Proxy Statement”) furnished by iFresh, Inc. (the “
Company
”)
for its 2018 Annual Meeting of Shareholders (the “
Meeting
”), to be held at 10:00 am. (New York time) on Monday
June 10, 2019, at the Company’s headquarters located at 2-39 54th Avenue, Long Island City, New York 11101.
This Supplement provides information with regard to the new date of the Meeting of July 30, 2019, one substitute director nominee
as a result of Mr. Xiing Xie’s decisions not to stand for election to the Board of Directors and change of the Record
Date to be June 11, 2019.
Except as
described above, this Supplement does not change the Original Proxy Statement.
We previously made available to our stockholders our Proxy Statement
and other related proxy materials on or about May 15, 2019. We decided to postpone the Meeting since the Company will provide
stockholders with the financial statements for the fiscal year ended March 31, 2019.
All proxies
executed prior to the date of this Supplement and not revoked prior to the Meeting will be voted in accordance with the instructions
contained therein, except that any votes submitted with instruction to vote for the election of Mr. Xing Xie will instead be voted
for the election of Mr. Jay Walder.
On June 7, 2019, Mr. Xing
Xie informed the Company of his decision to withdraw as a nominee as a director at the Meeting, and in connection therewith, he
will not stand for election to the Company’s Board at such Meeting. The Board then, at the recommendation of its Nominating
Committee, nominated Mr. Jay Walder as a substitute director nominee. Therefore, in according with the Original Proxy Statement,
any shares voted by proxy for the election of Mr. Xie as a director at the Meeting will instead be voted for the election of Mr.
Walder.
PROPOSAL 1 - ELECTION OF DIRECTORS
Nominees for Director
At the Annual Meeting,
five directors are up for election, all of whom are up for re-election, with such directors to serve until the next Annual Meeting
of Stockholders and until their respective successors have been elected and has qualified, or until their earlier resignation,
removal or death.
If for some unforeseen
reason one or more of the nominees is not available as a candidate for director, the proxies may be voted for such other candidate
or candidates as may be nominated by the Board.
The following table sets
forth the positions and offices presently held with the Company by each nominee, their age as of the Record Date. Proxies not marked
to the contrary will be voted in favor of each such nominee’s election.
Name
|
|
Age
|
|
Position
|
Long Deng
|
|
51
|
|
Chief Executive Officer, Chief Operating Officer and Chairman of the Board
|
Lilly Deng
|
|
51
|
|
Vice President of Legal and Finance, and Director
|
Harvey Leibowitz
|
|
85
|
|
Director
|
Mark Fung
|
|
52
|
|
Director
|
Jay Walder
|
|
58
|
|
Director Nominee
|
The following is a summary of the biographical
information of our director-nominees:
Long Deng
became
our Chief Executive Officer, Chief Operating Officer and a director in February 2017 in connection with the closing of the transactions
pursuant to which iFresh Inc. acquired NYM Holding, Inc. (“NYM”). Mr. Deng is the founder of NYM and has served as
Chief Executive Officer, Chief Operating Officer and Director of NYM for over 20 years since he started the business in 1995. From
1995 to the present, Mr. Deng has been the sole director of NYM, responsible for the strategy, operation, and financial planning
of NYM. Under his leadership, NYM has developed into a well-recognized Chinese supermarket chain in north eastern U.S. Mr. Deng
is the husband of Mrs. Lilly Deng, who is a member of NYM board of directors effective upon consummation of the Business Combination.
Apart from his business activities, Mr. Deng serves as the president of United States Chinese Chamber of Commerce and Co-Chair
of New York State Republican Party’s Finance Committee.
We believe Mr. Deng, Long’s
qualification to sit on our board of directors includes his extensive knowledge of NYM and the Chinese supermarket industry, his
years of management and leadership experience in NYM and his connections in Chinese American business society.
Lilly Deng
became
our Vice President of Legal and Finance and a directors in February 2017 in connection with the closing of the Transactions. She
joined NYM in 1995 and is Co-founder of Strong America Ltd., the first wholesale facility of NYM. Mrs. Lilly Deng currently is
Vice President of Legal and Finance and oversees iFresh’s finances. Mrs. Lilly Deng is in charge of supervising financial
issues and compliance with regulations. She also led the development of internal logistics management program. Mrs. Deng attended
Cambridge Business College in 1993. Mrs. Lilly Deng is the wife of Mr. Long Deng.
We believe Mrs. Lilly Deng’s
qualification to sit on our board of directors includes her knowledge of NYM, especially its wholesale business, her extensive
expertise in company financial management, and established relationships with service providers.
Harvey Leibowitz
became
our director in April 2018. Mr. Leibowitz has been a director of Yangtze Port and Logistics Limited (YRIV) since December 2015.
From 1994 to 1999, he was an internal auditor at Sterling National Bank in the Commercial Finance Department. From 1980 to 1994,
Mr. Leibowitz worked for a number of companies in connection with their commercial secured loan financing activities, such as International
Paper Company, Century Factors, Inc., and Foothill- Financial Advisors, Inc. From 1963 to 1979, Mr. Leibowitz worked in various
capacities for Sterling National Bank, most recently as a Senior Vice President. From 1955 to 1962, Mr. Leibowitz worked at a number
of accounting firms and, among other things, worked on audits for clients of the accounting firm. Mr. Leibowitz graduated from
the City University of New York Baruch College in 1955 with a bachelor’s degree in Accounting.
We believe Mr. Leibowitz
qualification to sit on our board of directors include is extensive experience in accounting, auditing and internal controls.
Mark Fang
became our
director in May 2017. Mr. Fang is a New York attorney and the present Director of the Department of Consumer Protection in Westchester
County. He previously served as the executive director of the Westchester County Human Rights Commission. Mr. Fang is also a former
New York State Assistant Attorney General, Assistant District Attorney in Westchester County, and Counsel to the Consumer Affairs
Committee of the New York City Council. Mr. Fang is a commissioned officer in the United States Army Reserves holding the rank
of Lieutenant Colonel and a veteran of the nation’s war on terrorism.
We believe Mr. Fang’s qualifications
to sit on our board of directors include his expertise and experience in law, regulatory and compliance systems, and issues in
a full spectrum of organizations from industry to government to the military will greatly enhance the Board’s operations
and oversight and benefit our company as we expand our grocery operations and create long-term value for our shareholders.
Jay Walder
became our director in March 2018. He has been the Managing Member of Walder Worldwide LLC since June 2010. From December
2008 to December 2010, Mr. Walder was a Real-Estate salesperson at Nest Seekers International. From 1988 to 2008 he worked at Standard
& Poor’s, most recently as a Sales Executive. Prior to that, he worked at ADP, Edward Blank Associates and Telspan. Mr.
Walder graduated with a degree in Political Science from the State University of New York at Stony Brook.
We believe Mr. Walder’s
qualifications to sit on our board of directors include his experience with and connections in the New York business community.
Term of Office
If elected, the director-nominees
will serve for a one-year term until the next Annual Meeting of Stockholders and until their respective successors have been elected
and has qualified, or until their earlier resignation, removal or death.
Vote Required and Board of Directors’ Recommendation
The nominees receiving
a plurality of the votes cast will be elected to the Board of Directors. If your shares are held in street name, your broker, bank,
custodian, or other nominee holder cannot vote your shares on this proposal, unless you direct the holder how to vote, by marking
your proxy card. For purposes of the election of directors, abstentions and broker non-votes will have no effect on the result
of the vote.
The Board recommends
a vote FOR the election of all the above director-nominees (Item 1 for the enclosed proxy card).
Furthermore, Mr.
Long Yi’s title in the executive compensation section and his biograph.in the Proxy Statement should be Chief Executive
Officer.
In all other respects
the Original Proxy Statement and Notice of Annual Meeting of Stockholders dated May 10, 2019 remains unchanged.
We sincerely apologize
for any inconvenience this rescheduling may cause you and appreciate your understanding.
Sincerely,
/s/
Long Deng
|
|
Chairman and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Important Notice Regarding the Availability
of Proxy Materials
for the Annual
Stockholder Meeting to Be Held at 10:00 a.m. on July 26, 2019 (Eastern Standard Time)
The Notice of Annual
Meeting to Stockholders, Proxy Statement and this Supplement to Notice of Annual Meeting, are available, together with our Annual
Report for the fiscal year ended March 31, 2019, at https://www.cstproxy.com/ifreshmarket/2019.