Asian American grocery supermarket chain, iFresh Inc 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.
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