Chinese online grocery firm MissFresh finally found white knights to purchase its 5.4 billion Class B ordinary shares for $27 million,Watch The Lion King Online making the Beijing-based company temporarily avoid a delisting crisis nearly two months after it got a delisting warning from Nasdaq. MissFresh, once the leading grocery group in China before it collapsed last July, will now provide customized digital marketing solutions and services, in line with the primary business of its this round investor, Hong Kong-based Mejoy. The company also released the long-delayed annual report for fiscal year 2022 along with the share purchase agreements, which showed MissFresh only secured a 60% slump in revenue to RMB 2.76 billion in 2022 compared to a year prior, while narrowing net loss by 60% to RMB 1.52 billion. Meanwhile, MissFresh held only RMB 48.96 million in cash and cash equivalents, and restricted cash at the end of last year, one-twelfth of what it held in the same period a year earlier. [MissFresh]
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