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

• China Jo-Jo Drugstores Holdings Inc (NASDAQ: 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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This article originally appeared on Benzinga.com

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