iFresh Announces Entry into Agreement of $2.5 Million Private Placement Financing
March 31 2020 - 8:30AM
iFresh, Inc. ("iFresh" or the “Company") (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has entered into an agreement with two
individual investors, pursuant to which the Company will sell an
aggregate of 1,783,167 shares (the “New Shares”) of common stock of
the Company to the investors. Upon closing, the transactions
as contemplated by the agreement are expected to bring gross
proceeds of $2.5 million from the sale of the New Shares at a per
share price of $1.402. The private placement will be funded in two
separate tranches; 1,069,900 shares of the New Shares will be
issued to the Investors upon the Company’s receipt of the first
tranche fund of $1.5 million and 713,267 shares of the New Shares
will be issued to the Investors upon the Company’s receipt of the
remaining $1.0 million.
The net proceeds from the private placement will be used for
working capital purposes.
Mr. Long Deng, Chief Executive Officer and Chairman of iFresh
commented: “We are excited to announce the Company’s entry into the
agreement in connection with the $2.5 million financing in a
volatile stock market. We believe this capital raise, upon
completion, will be a reflection of the Company’s strong
financial performance and the dedication of our management
executing our business plan as the leading community grocery
supermarket chain. The funding will enhance our strategic
capabilities to continue growing our business initiatives to
support the needs of our customers.”
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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