Jiuxiang is a technology company that engages in supply chain financial services, integrated payment systems, and prepaid card marketing systems. These services satisfy customer demands for green products and services and improve environmental performance. Jiuxiang has developed an advanced supply chain platform targeting B2B2C（business to business to Consumer）areas, including signature products of jiayoubei online shopping malls, single-purpose prepaid card payment systems, and supply chain systems. These products adopt an integrated operating model and centralized IT-infrastructure to help clients capitalize on new digital capabilities, including enhanced connectivity, online-to-offline shopping experience, digital payment systems, and customized SME system platforms.
Under the Agreement, iFresh will acquire 100% of Jiuxiang in exchange for 5,036,298 shares of the Company’s common stock and 1,000 shares of the Company’s Series C Convertible Preferred Stock. Upon approval of the Company’s shareholders, the 1,000 shares of Series C Preferred Stock will be converted into 1,916,781 shares of the Company’s common stock. The Series C Preferred Stock will rank on parity with the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock of the Company. All of the issuances and conversions of the Company’s common stock were at a price per share of
“We are excited to welcome Jiuxiang to iFresh’s platform,” said
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Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the
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Source: iFresh Inc.