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Missfresh plunges on report company can't pay employees

Jul. 28, 2022 3:39 PM ETMissfresh Limited (MFLTY) StockBy: Joshua Fineman, SA News Editor

Courier On Bicycle Delivering Food In City

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  • 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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