iFresh Reports a New Deficiency Notice Issued by Nasdaq
August 30 2021 - 9:00AM
iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has received a notification letter (the
“Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising that,
because the Company has not filed its Form 10-Q for the period
ended June 30, 2021 (the “Form 10-Q”) and the Company remains
delinquent in filing its Form 10-K for the fiscal year ended March
31, 2021 as stated in Nasdaq’s notification letter dated July 15,
2021 (the “July 15 Notice”), the Company does not comply with
Nasdaq’s Listing Rules for continued listing. This deficiency
Notice is in addition to the July 15 Notice issued by the Nasdaq.
Nasdaq Listing Rule 5250(c)(1) (the “Rule”) requires a company to
timely file all required periodic financial reports with the U.S.
Securities and Exchange Commission (the “Commission”) through the
EDGAR system (the “Filing Requirement”).
The Company may submit a plan to return to compliance with the
Rule. The Notice states that, if Nasdaq accepts the Company’s
compliance plan, it may be eligible for additional time of up to
180 calendar days from the due date of the Form 10-K, or until
January 10, 2022, to regain compliance with the Filing Requirement.
The Company intends to provide a plan to return to compliance with
the Rule to Nasdaq.
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: carrie@newyorkmart.com
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