iFresh Inc. (IFMK) went down by a further 8.18% in the after-market, at $0.4500, after losing 57.75% during market hours on November 22. During the normal trading session, the stock fluctuated between $0.47 and $1.20. The trading volume was 6.9 million for the day, which was 384% of the average volume of 1.8 million. The 52-week range for IFMK stock varied between $0.47 and $4.25. The stock has lost a value of 63.43% in the past week, and 58.11% in the past month. Moreover, the stock has fallen 37.41% year to date. The current market capital of IFMK is $42.08 million with 36.27 million shares outstanding.
The company’s plummeting share price is a result of NASDAQ Delisting.
iFresh Inc.
Founded in 1995, iFresh Inc. (IFMK) engages in the management of grocery supermarket chains and online grocers. It has both wholesale and retail segments. The company’s products include fruits, vegetables, seafood, meat, seasonings, and other related merchandise as well as cooking utensils.
iFresh Inc. (IFMK) is headquartered in Long Island City, New York.
IFMK’s NASDAQ Delisting
On November 22, IFMK announced that the company received notice from Nasdaq Stock Market on November 19, 2021. As per the notice, Nasdaq Hearings Panel denied the company’s appeal of Nasdaq’s delisting of the company. IFMK received the initial delisting decision on September 22 and filed an appeal.
According to the delisting notice, IFMK’s common stock will be delisted o the Nasdaq platform with the opening of business on November 23, 2021. This delisting decision came from the company’s two continued listing deficiencies on the Nasdaq platform6. Including: First, the company’s inability to timely hold the annual share holder’s meeting for the fiscal year March 31, 2020. Second, the company’s inability to f file its Form 10-K for the year ended March 31, 2021, and Form 10-Q for the period ended June 30, 2021.
Hence, the company was unable to meet the Nasdaq Listing Rules 5620(a), 5810(c)(2)(G), and 5250(c)(1) for continued listing on the platform. IFMK failed to regain compliance with Nasdaq pursuant to the mentioned listing rules. In addition, the company’s history of non-compliance with the Nasdaq continued listing rules was noted as the company’s material weakness in its internal controls. In conclusion, the Nasdaq Hearings Panel based on the above-mentioned details denied the company’s appeal and delisted the company.
Moreover, IFMK’s common stock is expected to continue trading on OTC Expert Market.
