Shares in Missfresh Limited (NASDAQ: MF) skyrocketed by over 43% to reach $2.85 on Monday following a share transfer agreement with Freshking Limited, a British Virgin Islands company wholly owned by Mr. Zheng Xu.
Missfresh has just confirmed that its board has given the green light to a share transfer agreement with Freshking. This will result in the complete transfer of all Missfresh shares to Freshking for total consideration of $1 in cash.
The news comes after Missfresh (NASDAQ: MF) shares skyrocketed by 280% on Friday following the company’s announcement of entering share purchase agreements for financing and business acquisition. Under the financing agreements, investors have committed to providing $27 million in exchange for 88.1% of Missfresh’s outstanding shares.
Missfresh has also committed to acquiring Mejoy Infinite for $12 million in cash. The acquisition process is set to be finalized within a tight timeline of 45 business days from the announcement. Upon completion, the company said it would shift its focus toward customized digital marketing solutions and services.
“We believe this acquisition could take full advantage of our extensive market know-how in the online marketing and e-commerce industry,” said chairman and CEO Zheng Xu.
The impact of these developments is evident in the trading volumes. According to Benzinga Pro, Missfresh typically records an average session volume of around 2.3 million. However, Monday’s trading volume has already surpassed 14.2 million.