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Is iFresh a Good Grocery Store Stock to Buy? -Breaking

by Mike Robinson

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© Reuters. Is iFresh a good stock for grocery stores?

Grocery chain iFresh has faced many challenges in the last few months. It has not yet reported its financials for the fiscal year ending December 31, 2017 and its previous quarters. So, will its recent collaboration with Alibaba’s (BABA) Tmall help it turn around its business? Let’s find out.The first Chinese supermarket chain listed on a major U.S. exchange, iFresh Inc. (IFMK) has two wholesale facilities and eight retail supermarkets across New York, Massachusetts, and Florida. In the recent months, the Long Island City, N.Y.-based company has been involved in several strategic partnerships. And its stock has gained 24.1% in price over the past month to close yesterday’s trading session at $1.08. The shares are down 20% in the last six months, and by 41.9% for the past nine.

IFMK has not yet reported its Form 10K for March 31, 2021. As stated in the Form 8-K of October 27, 2021 the company is still working on its financial statements for fiscal year 2021 to March 31.

Also, Nasdaq had notified the company in September 2021 that due to its continued non-compliance with Nasdaq’s annual meeting and filing requirements, its securities were subject to delisting unless requested a hearing before a Nasdaq Hearings Panel. Its near-term prospects are uncertain.

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