NYM Holding, Inc. (NYM) announced Tuesday that it consummated its business combination with E-Compass Acquisition Corporation (ECAC).
With the closing of the transaction, ECAC has been renamed iFresh, Inc., trading at the Nasdaq stock exchange under symbol "IFMK" .
The transaction was unanimously approved by the boards of directors of both companies and was approved by a vote of ECAC's shareholders at a special meeting on Jan. 17, 2017.
Pursuant to the definitive merger agreement, ECAC would pay NYM's current stockholders an aggregate of 125 million U.S. dollars in connection with the transaction, with 5 million dollars in cash, and 12,000,000 shares of common stock of iFresh to be issued to the selling shareholders valued at 10.00 dollars per share.
"NYM's partnership with E-Compass is a key milestone. Becoming a public company via the business combination revitalizes NYM to the next stage, further fulfilling our dedication in serving the freshness," said Long Deng, Founder and Chief Executive Officer of NYM.
"The additional fund raised through this transaction will be devoted to further accelerate our growth and expand our footprints nationwide, especially in the East Coast," he added.
"NYM is well positioned to capitalize from the growing Chinese/Asian American population, their increasing purchasing capacity, and the integration momentum in its unique market sector. We are thrilled to be part of the next stage in this Company's life cycle and look forward to helping create value for our shareholders," said Richard Xu, Chairman and Chief Executive Officer of ECAC.
NYM is a fast growing Asian/Chinese grocery supermarket chain in the north-eastern U.S., which was initially established in 1995.
NYM currently has two wholesale facilities and eight retail supermarkets across New York, Massachusetts and Florida, with annual revenue of 131.2 million dollars for the fiscal year ended March 31, 2016.
ECAC is a Cayman Islands exempted company incorporated on Sept. 23, 2014, as a blank check company formed for the purpose of entering into a share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.