iFresh Inc. (NasdaqCM:IFMK) entered into an agreement to acquire Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. from Zhang Fei and Liu Meng for $4.6 million on August 6, 2020. As per terms, iFresh will issue 5.03 million shares of iFresh's common stock and 1,000 shares of iFresh's series C convertible preferred stock that will be converted into 1.9 million shares of iFresh's common stock. The deal is subject to approval by relevant Authority in the PRC, Jiuxiang Blue Sky Technology (Beijing) to apply to register with Administration for Market Regulation the amended articles of the company. iFresh Inc. (NasdaqCM:IFMK) completed the acquisition of Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. from Zhang Fei and Liu Meng on August 24, 2020. Under the terms, iFresh issued 4.5 million common stock and 900 Series C Convertible Preferred Stock to Zhang Fei. Post completion, Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. became an indirect wholly owned subsidiary of iFresh Inc. None of the consideration for the shares paid to Zhang Fei under the purchase agreement was represented by borrowed funds.