- Chinese grocery delivery company Missfresh ( NASDAQ: MF ) plummeted 45% after a report that executive told the staff that the company can't pay salaries for June and July.
- An executive told employees that investment from Shanxi Donghui wasn't received and most employees will need to stop working, according to an FT report.
- Earlier this month Tiger Global-backed Missfresh ( MF ) announced Missfresh announced it expected to receive RMB200M equity investment from Shanxi Donghui.
- Missfresh ( MF ) went public last June and counted Abu Dhabi Capital Group and Tiger Global among its backers. The shares have plunged almost 99% since going public more than a year ago.
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Missfresh plunges on report company can't pay employees