Fresh2 Group Ltd. Announces Acquisition Of Cross-Border Food E-Commerce Platform Youfood Group Inc.; Fresh2 Has Agreed To Acquire 100% Of The Issued And Outstanding Shares In Youfood In Exchange For 38,333,334 Newly Issued Shares Of Class A Common Stock

Author: Benzinga Newsdesk | January 04, 2024 10:17am

Fresh2 Group Ltd. (NASDAQ:FRES) ("Fresh2" or "the Company"), a  B2B e-commerce and supply chain management company within the restaurant and food industry, today announced that it has, through its subsidiary Fresh2 Technology Inc., signed a definitive Stock Purchase Agreement (SPA) for the acquisition of Youfood Group Inc., a business-to-customer cross-border e-commerce food platform, which will connect  Asian and South American food resources with customers in North America. The acquisition is expected to enhance access to a new customer base.

According to the terms of the SPA, Fresh2 has agreed to acquire 100% of the issued and outstanding shares in Youfood in exchange for 38,333,334 newly issued shares of Fresh2 Class A common stock.

Haohan Xu, CEO of Fresh2, stated, "We are committed to sustainable development in the food service industry and to continuously bring diverse high-quality food products to North American consumers. This acquisition provides us with an excellent opportunity to integrate and enhance our capabilities, thereby improving performance and expanding our food supply chain ecosystem."

Posted In: FRES