iFresh Inc. (NasdaqCM:IFMK) entered into an agreement to acquire 70% stake in Dragon Seeds, LLC from Long Deng for $11.1 million on December 11, 2019. Long Deng will receive 28.7 million shares of iFresh Inc.'s common stock as the consideration for the transaction. The closing of the acquisition is contingent on receiving stockholder approval for the transaction and iFresh Inc.'s receipt of a valuation opinion demonstrating that the fair market value of the Interest is equal to or greater than the aggregate fair market value of the consideration to be paid by the iFresh Inc. Dragon Seeds LLC makes certain customary representations and warranties to iFresh Inc. in connection with the Acquisition Agreement. iFresh Inc. (NasdaqCM:IFMK) cancelled the acquisition of 70% stake in Dragon Seeds, LLC from Long Deng on December 11, 2020.