iFresh Inc. (IFMK) shares plunged 10.17% in after-hours on Thursday, November 10, 2021, and closed the daily trading at $1.06. However, in the regular trading session, IFMK’s stock gained 36.45%. IFMK shares have risen 55.73% over the last 12 months, and they have moved up 34.09% in the past week. Over the past three months, the stock has lost 6.35%, while over the past six months, it has declined 9.92%.
Let’s see is there any reason behind its turnaround towards negativity in the after-hours on Wednesday?
IFMK partnership with Tmall Global
On November 10, 2021, iFresh, Inc. (IFMK), entered into a Master Product Supply Agreement with Alibaba.com Singapore E-Commerce Private Limited (Tmall Global). This Agreement establishes a cross-border trade partnership, enabling iFresh to sell American food and products to China via Tmall Global’s cross-border e-commerce platform.
According to the agreement, iFresh will bring fresh, high-quality American food and products to Tmall Global, including products like infant formula, dried fruit, coffee, and other snacks. Tmall Global will provide one-stop control and the management service of sorting, packaging, and distribution. Services will be carried out directly from the overseas warehouse to the end-consumers in China, all on time.
IFMK response to Nasdaq notice
On September 22, 2021, Nasdaq notified iFresh (IMFK) that due to the Company’s continued non-compliance with Nasdaq’s annual meeting and filing requirements, as outlined in Nasdaq Listing Rules 5620(a) and 5250(c)(1), respectively, the Company’s securities were subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel.
The Company timely requested a hearing before the Panel, Concurrent with the hearing request and as allowed by the Nasdaq Listing Rules, the Company also requested a further stay of Nasdaq’s determination.
IFMK agreement with Bit Farm
On August 30, 2021, iFresh, Inc. (IFMK) entered into an exclusive agency agreement with Bit Farm Inc. This agreement will make iFresh the exclusive distributor of Bit Silica +, which is a fertilizer that promotes plant growth. iFresh is authorized to market and sell Bit Silica Plus in the United States for the next twelve months, with an option to extend.
Strong 2021 Harvest and Sales of Exotic Fruit products
On August 02, 2021, iFresh, Inc. (IFMK), reported that its sales of dragon fruit, lychee, and longan this year have been strong. The increase in sales is due to a bountiful harvest from Dragon Seeds, a 15-acre farm based in Vero Beach, FL.
Conclusion
Well, we have a reason for its exceptional early surged on Wednesday but there was no reason for its decline in the after-hours session. We can expect it to return towards positivity in the coming trading session on Thursday.
