HANGZHOU, China, May 10, 2024
/PRNewswire/ -- China Jo-Jo
Drugstores, Inc. (Nasdaq: CJJD) ("Jo-Jo Drugstores" or the
"Company"), a leading online and offline retailer, wholesale
distributor of pharmaceutical and other healthcare products and
healthcare provider in China,
today announced that it has entered into definitive agreements with
a number of investors providing for the issuance of
1.61 million ordinary shares, at a purchase price of
$1.70 per share, in a registered
direct offering for aggregate gross proceeds of approximately
$2.74 million. The closing of
the sale of the securities is expected to occur on or about
May 17, 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.
The ordinary shares described above are being offered pursuant
to a "shelf" registration statement on Form F-3 (File No.
333-259692), which was declared effective by the United States
Securities and Exchange Commission (the "SEC") on December 19, 2022. The ordinary shares described
above may be offered only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. When filed with the SEC, copies of the final prospectus
supplement and the accompanying prospectus relating to the
registered direct offering may be obtained at the SEC's website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About China Jo-Jo Drugstores,
Inc.
China Jo-Jo Drugstores, Inc.
("Jo-Jo Drugstores" or the "Company"), is a leading online and
offline retailer and wholesale distributor of pharmaceutical and
other healthcare products and a provider of healthcare services in
China. Jo-Jo Drugstores currently
operates an online pharmacy and retail drugstores with licensed
doctors on site for consultation, examination and treatment of
common ailments at scheduled hours. It is also a wholesale
distributor of products similar to those carried in its pharmacies.
For more information about the Company, please visit
http://jiuzhou360.com. The Company routinely posts important
information on its website.
Forward-Looking Statements
This press release contains information about the Company's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company's
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
For more information, please contact:
Company Contact:
Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1- 646-932-7242
investors@ascent-ir.com
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SOURCE China Jo-Jo Drugstores,
Inc.