iFresh Announces Receipt of Nasdaq Notice of Non-compliance; Intends to Request Hearing
November 08 2019 - 4:00PM
iFresh, Inc. ("iFresh" or "the Company") (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that on November 6, 2019, the Company received a
letter from the Listing Qualifications Staff (the “Staff”) of The
Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company had not
regained compliance with Nasdaq Listing Rule 5550(b), which
requires stockholders’ equity of $2.5 million, or a market value of
listed securities of $35 million or net income from continuing
operations of $500,000, and that the Staff had determined not to
grant an extension to allow the Company to demonstrate compliance.
As a result, the Staff indicated that the Company would be subject
to delisting from The Nasdaq Capital Market unless the Company
timely requests a hearing before a Nasdaq Hearings Panel (the
“Panel”). Accordingly, the Company intends to timely request a
hearing before the Panel. The hearing request will stay any
suspension or delisting of the Company’s securities pending the
hearing and the expiration of any extension period granted by the
Panel following the hearing.
About iFresh, Inc.
iFresh Inc. (Nasdaq:IFMK), headquartered in Long Island City,
New York, is a leading Asian American grocery supermarket chain and
online grocer on the east coast of U.S. With nine retail
supermarkets along the US eastern seaboard (with additional stores
in Glen Cove, Miami and Connecticut opening soon), and 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
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transactions; the business plans, objectives,
expectations and intentions of the parties once the transactions
are complete, and the Company’s estimated and future results of
operations, business strategies, competitive position, industry
environment and potential growth opportunities. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. All information provided in this press release is as
of the date hereof. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC. IFMK's SEC filings are available
publicly on the SEC's website at www.sec.gov. IFMK disclaims
any obligation to update the forward-looking statements, whether as
a result of new information, future events or otherwise.
For more information, please contact:
At the Company:
iFresh, Inc.
Email: herinyin@newyorkmart.com
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