Missfresh, the Chinese online grocery company, made significant strides on Friday as its American depositary receipts (ADRs) skyrocketed to $1.95, a significant increase from Thursday’s closing value of 51 cents. This surge in value came after the company announced its share-purchase agreements with two investors, as well as an acquisition and the filing of its delayed 2022 annual report.
The trading volume on Friday reached an impressive 109.8 million shares, far surpassing the 65-day average of 434,359 shares.
Back in May, Missfresh had received a notification from Nasdaq regarding its late filing, causing some concern. However, the company provided an update on Thursday, stating that the investors had committed to purchasing $27 million worth of Class B stock, contingent upon the fulfillment of specific closing conditions. Once these transactions are complete, the new investors will possess Class B stock representing 88.1% of the company’s total issued and outstanding shares. Furthermore, the investors have agreed to delegate their voting rights to Chief Executive Zheng Xu.
In addition to these developments, Missfresh also revealed its intention to acquire Mejoy Infinite, a digital-marketing company, for $12 million.
This remarkable progress signifies a bright future for Missfresh as it expands its operations and ventures into new territories.
