China Jo-Jo Drugstores Announces $3.37M Registered Direct Offering Of 1.98M Shares At A Price Of $1.70/Share
China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced that it has entered into definitive agreements with a number of investors providing for the issuance of 1,980,000 million ordinary shares, at a purchase price of $1.70 per share, in a registered direct offering for an aggregate gross proceeds of approximately $3.37 million. The closing of the sale of the securities is expected to occur on or about June 26, 2024, subject to satisfaction of customary closing conditions.
Jo-Jo Drugstores intends to use the net proceeds from the offering for general corporate purposes and working capital.