iFresh, Inc. (the "Company") (NASDAQ:IFMK), a leading Asian American supermarket chain and online grocer, announced today that on November 19, 2021, the Company received notice from the staff of the Nasdaq Stock Market (the "Staff") 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. Accordingly, the Company's common stock will be delisted effective with the open of business on November 23, 2021. The Company's common stock is expected to continue to be traded on the OTC Expert Market, and the Company will seek to establish relationships with market makers to provide additional trading opportunities in the Company's stock. However, there can be no assurance that a market for the Company's shares will develop.
The Panel's decision to delist the Company's common stock was based on two continued listing deficiencies. First, the Panel noted that the Company was not in compliance 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). Second, the Panel noted that the Company did not 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. The Company failed to regain compliance pursuant to the above rules.
In addition, the Panel noted that the Panel had considered the Company's history of noncompliance with Nasdaq's several continued listing requirements and failure to address in a timely manner material weaknesses in its internal controls over financial reporting disclosed in its 2019 and 2020 annual reports on Form 10-K. The Panel concluded that it is not in the best interests of Nasdaq or prospective investors for the Company to remain listed on the exchange.
The Company does not expect the Staff's determination to have any impact on its day-to-day operations.