China Jo-Jo Drugstore sells 1.98M shares at $1.70 in registered direct offering

China Jo-Jo Drugstores announced that it has entered into definitive agreements with a number of investors providing for the issuance of 1.98M ordinary shares, at a purchase price of $1.70 per share, in a registered direct offering for an aggregate gross proceeds of approximately $3.37M. 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.