Market Overview

iFresh Reports Deal For Purchase Of Xiaotai

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Asian American grocery supermarket chain, iFresh Inc (NASDAQ: IFMK) announced entry into a share exchange agreement for the acquisition of Xiaotai International Investment Inc.

iFresh also entered an agreement to sell its NYM subsidiary for $9.1 million in cash.

Xiaotai International Investment is a “peer-to-peer” lending company based in Hangzhou, China and provides an internet lending information intermediary platform that gives borrowers access to a variety of loan products in China.

iFresh shares spiked up 77 percent to $2.24 on Monday morning, but traded around $1.31 at time of publication.

Posted-In: M&A News

 

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