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.