China Jo-Jo Drugstore to sell 0.9M 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 0.9M ordinary shares, at a purchase price of $1.70 per share, in a registered direct offering for aggregate gross proceeds of approximately $1.53M. The closing of the sale of the securities is expected to occur on or about April 30, 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.