China Jo-Jo Drugstores Raises $2.65M Via Equity Offering

by Shivani Kumaresan, Benzinga Staff Writer
January 20, 2023 3:07 PM | 1 min read |
  • China Jo-Jo Drugstores Holdings Inc CJJD has entered into definitive agreements with several investors providing for the issuance of 1.75 million ordinary shares.
  • The company will offer the shares at a purchase price of $1.50 per share for aggregate gross proceeds of $2.625 million.
  • Jo-Jo Drugstores also agreed to issue warrants to buy up to 5.25 million ordinary shares.
  • The warrants will have a term of three years, be exercisable immediately at an exercise price of $2.50 per share. 
  • The closing of the sale of the securities is expected to occur on or about January 24, 2023.
  • The company plans to use the offering net proceeds for general corporate purposes and working capital.
  • Price Action: CJJD shares are trading higher by 10.44% at $2.75 on the last check Friday.
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