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iFresh to Acquire Jiuxiang Blue Sky Technology to Strengthen E-Commerce in Supply Chain Financial Services
Thursday 13 August 2020

New York-based Asian American grocery chain iFresh, Inc. (NASDAQ: IFMK) has agreed to acquire 100% of Chinese technology company Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. to strengthen e-commerce business model, the company said.

Under the Agreement, iFresh will acquire 100% of Jiuxiang in exchange for 5,036,298 shares of the company's common stock and 1,000 shares of the company's Series C convertible preferred stock. Upon approval of the company's shareholders, the 1,000 shares of Series C preferred stock will be converted into 1,916,781 shares of the company's common stock. All of the issuances and conversions of the company's common stock were at a price per share of USD 1.402.

Jiuxiang is a technology company that engages in supply chain financial services, integrated payment systems, and prepaid card marketing systems.

iFresh Inc. (NASDAQ: IFMK) is an online grocer on the East Coast of US with nine retail supermarkets along the US eastern seaboard.
Date Published: 13/08/2020