Shares of iFresh Inc. (NASADAQ:IFMK) tumbled on Tuesday after the company said that the Company received notice from the staff of the Nasdaq Stock Market that the Nasdaq Hearings Panel (the “Panel”)has denied the Company’s appeal of the Staff’s September 22, 2021 decision to delist the common stock of the Company.
Trading Data
On Monday, IFMK stock slumped 57.75% at $0.49 with more than 6.47 million shares, compared to its average volume of 1.74 million shares. The stock has moved within a range of $0.4700 – 1.2000 after opening trade at $1.19.
iFresh Common Stock is Delisted on NASDAQ
Leading Asian American supermarket chain and online grocer, iFresh Inc. (NASADAQ:IFMK), announced on November 19, 2021, that they have received a formal notice from the staff of the Nasdaq Stock Market. It states the Nasdaq Hearings Panel has denied their appeal of the staff’s decision on September 22, 2021, to delist the common stock of the company.
The company’s common stock is delisted as effective with the start of business on November 23, 2021. The common stock is expected to continue trading on the OTC Expert Market, as the company seeks to build relationships with market makers for providing more trading opportunities in the in their stock.
The Nasdaq Hearings Panel delisted the company’s common stock based on a couple of listing deficiencies.
The company wasn’t compliant with Nasdaq Listing Rules due to its failure to timely hold an annual meeting of shareholders for the fiscal year ended March 31, 2020, which is required to be held within twelve months of the Company’s fiscal year end under Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G).
They didn’t comply with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) because it had not filed its Form 10-K for the year ended March 31, 2021, and its Form 10-Q for the period ended June 30, 2021.
As of now, the panel has ruled that being listed on the exchange doesn’t align with the best interests of Nasdaq or prospective investors of the company.
Technical Data
IFMK stock is trading below the 20-Day and 50-Day Moving averages of $1 and $0.98 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.29. The stock is down 42% in the past month.
