Sunday, 26 May 2019

China Jo-Jo Drugstores closes $10M registered direct offering

16 April 2019 | News

The Company received net proceeds from the offering in the amount of approximately $9.3 million, after deducting the placement agent fees and the estimated offering expenses payable by the Company.

Representative Image

Representative Image

China Jo-Jo Drugstores, a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China has announced that it closed a registered direct offering with several institutional investors for an aggregate of 4,000,008 shares of the common stock, at a purchase price of $2.50 per share, for aggregate gross proceeds of approximately $10 million to the Company. In a concurrent private placement, the Company issued to the investors unregistered warrants to purchase up to an aggregate of 3,000,006 shares of the common stock at an exercise price of $3.00 per share. The warrants shall be initially exercisable six months following issuance and expire five and one-half years from the issuance date of the warrants.

The Company received net proceeds from the offering in the amount of approximately $9.3 million, after deducting the placement agent fees and the estimated offering expenses payable by the Company.

H.C. Wainwright & Co., LLC acted as exclusive placement agent for the offering.

China Jo-Jo Drugstores is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products in China. Jo-Jo Drugstores currently operates retail drugstores and an online pharmacy. It is also a wholesale distributor of products similar to those carried in its pharmacies and it cultivates and sells herbs used for traditional Chinese medicine. 

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