Missfresh sold shares to two investors for $27 million funding

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Chinese grocery delivery group Missfresh said it has reached share purchase agreements with two investors to sell a total of 5,400,000,000 Class B ordinary shares for $27 million funding.

Upon completion, the new investors will hold 5,400,000,000 Class B ordinary shares of the Company, representing 88.1% of the company’s total outstanding shares, it said.

In addition, Missfresh has agreeed to purchase all ordinary shares of Mejoy Infinite Ltd held by its shareholder at a price of $12 million in cash, it said.

Missfresh’s shares surged as much as 386.5% in the US to ht $2.5 at one point.

MissFresh said in June this year that it had received a delisting determination from Nasdaq due to no longer meeting the minimum requirement of $10 million in shareholder equity for continued listing.

Confronting operational challenges, MissFresh suspended its on-demand grocery delivery services and implemented significant layoffs in July of last year. By November, when the company filed its long-delayed 2021 annual report, MissFresh had only 55 full-time employees remaining.