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

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.