Shadine Taufik · · 1 min readChina’s MissFresh receives delisting warning from Nasdaq
The MissFresh app / Photo credit: Wirestock Creators / Shutterstock
Chinese firm MissFresh has received a delisting determination notice from Nasdaq, which could result in removal from the exchange unless the company asks for a hearing.
Last December, Nasdaq informed the online grocery company that it had not met the US$10 million stockholders’ equity requirement to continue listing on the exchange. Despite being granted an extension until July 5, MissFresh failed to comply, leading to Nasdaq issuing a warning letter the following day.
MissFresh said in a statement that it will request a hearing and ask the panel to freeze any suspension until the hearing is concluded.
The firm has also not filed Form 20-F, or the financial report for the 2022 fiscal year, which is also likely to be discussed with the Nasdaq panel.
In July 2022, MissFresh suspended the operations of its flagship instant-delivery services, which had previously contributed 85% of its revenue. Around the same time, it laid off most of its employees and reportedly owed its debtors 1 billion yuan (US$139.6 million).
The company debuted on Nasdaq in June of 2021, at a market cap of US$2.5 billion.
See also: Grocery tech firm Ocado’s SEA entry could shake up the scene
Currency converted from Chinese yuan to US dollar: US$1 = 7.16 yuan
Editing by Miguel Cordon and Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
