Shineco enters into securities purchase agreement for gross proceeds of $7M

Shineco, entered into a Securities Purchase Agreement with certain non-U.S. investors. Pursuant to the SPA, the Company will issue up to 1,400,000 shares of its common stock to the Purchasers in a private placement financing transaction at an offering price of $5.00 per share. The gross proceeds of the Offering are expected to be approximately $7,000,000, before the deduction of customary expenses. The Purchasers are a former related party of the Company, who agreed to purchase 1,000,000 shares of common stock, a management member of the Company, who agreed to purchase 200,000 shares of common stock, and an individual investor who agreed to purchase 200,000 shares of common stock. The Offering is expected to close, and the Shares are expected to be issued, on or about July 31, 2024. The Company plans to use the proceeds from this offering for working capital and general corporate purposes, further bolstering the execution of its strategic initiatives.