Shineco prices 1.87M shares at $1.07 in underwritten public offering

Shineco announced the pricing of its underwritten public offering of 1,869,160 shares of its common stock at a public offering price of $1.07 per share of common stock, for aggregate gross proceeds of approximately $2 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 280,374 shares of common stock at the public offering price per share, less the underwriting discounts to cover over-allotments, if any. The offering is expected to close on July 15, 2024, subject to satisfaction of customary closing conditions. EF Hutton LLC is acting as the sole book-running manager for the offering.