The last time any news emerged about iFresh Inc (NASDAQ:IFMK) was back in April this year but that did not stop the stock being part of some pretty heavy action last Friday.
Despite there being no news about the company at all for many months, the stock soared by as much as 22% as investors piled on to the stock in a big way. The company is one of the best known Asian supermarket chains in the United States and primarily operates in the East Coast of the country. Back in April, iFresh announced that it got into a new partnership with HungryPanda, a well known food delivery platform operator that has a global presence.
On April 20, 2021, the two companies signed a service agreement by way of which they were going to collaborate on the launch of a perishable items delivery service. The service was supposed to be focussed on New York at the beginning. It goes without saying that it was a major development for iFresh since New York remains one of the more lucrative markets in the country at this point. However, in light of the latest rally it could be a good idea to keep an eye on the news wires about the latest developments regarding iFresh.