China Jo-Jo Drugstore sells 9.96M shares at 26c 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 9.96M ordinary shares, at a purchase price of 26c per share, in a registered direct offering for aggregate gross proceeds of approximately $2.59M. Jo-Jo Drugstores also agreed to issue to the investors registered warrants to purchase up to 19.92M ordinary shares. The warrants will have a term of three years, be exercisable immediately at the Purchase Price. The closing of the sale of the securities is expected to occur on or about September 28, 2023, 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.