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By Josh Beckerman

IFresh Inc. will be delisted from the Nasdaq Stock Market effective with the open of business Tuesday after a panel denied its appeal of a September delisting decision.

Shares of the company, which has nine supermarkets, a wholesale business and online grocery operations focused on Asian-American consumers, fell 41% to 68 cents.

IFresh said it expects its shares to trade on the OTC Expert Market and that it doesn’t anticipate the delisting will affect day-to-day operations.

The company said the Nasdaq panel’s decision considered the company’s “history of noncompliance” with listing requirements and “failure to address in a timely manner material weaknesses in its internal controls over financial reporting.”

Write to Josh Beckerman at josh.beckerman@wsj.com