Missfresh Ltd. (MF.US) is pressing the reset button, taking on new funds and a fresh identity as it looks to return from a brush with death in its previous form as one of China’s online grocery pioneers. The company’s remaining investors – mostly mom-and-pop buyers of penny stocks – appear to be giving a cautious thumbs up for Missfresh’s new path to a 2.0 version. But many questions remain that may leave skeptics scratching their heads.
Last Thursday, Missfresh announced it would sell 5.4 billion Class B shares for $27 million to two investors. The transactions will give the pair 88% of the company, valuing Missfresh at about $30 million. The new investors will delegate their voting rights to founder Xu Zheng, who will remain chairman and CEO. In the same statement, Missfresh said it will buy 100% of Mejoy Infinite, a Hong Kong-based digital marketing firm, for $12 million.
https://www.globenewswire.com/news-release/2023/08/03/2718583/0/en/Missfresh-Announces-Entry-of-Share-Purchase-Agreements-for-Financing-and-Business-Acquisition.html