Is iFresh a Good Grocery Store Stock to Buy?
Grocery supermarket chain iFresh (IFMK) has been faced with several challenges over the past few months and has yet to report its financials for its last fiscal year and the previous two 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. The Long Island City, N.Y.-based concern has entered several strategic partnerships over the past few months. And its stock has gained 24.1% in price over the past month to close yesterday’s trading session at $1.08. However, the shares have lost 20% over the past six months and 41.9% over the past nine months.
IFMK has yet to report its Form 10-K for the period ended March 31, 2021. Furthermore, as stated in its Form 8-K on October 27, 2021, the company is still preparing its financial statements for its fiscal year ended March 31, 2021, for the quarter ended June 30, 2021, and for the quarter ended September 30, 2021.
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. So, its near-term prospects look uncertain.
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