CJJD - China Jo-Jo Drugstores crashes 58% on $7M equity offering
2023-04-18 09:49:30 ET
China Jo-JoDrugstores ( NASDAQ: CJJD ) to issue 2,258,888 ordinary shares to institutional investor at $3.10 per share, for aggregate gross proceeds of ~$7M.
The company has also agreed to issue to the investor registered warrants to purchase up to 4,517,776 ordinary shares. The warrants will have a term of five years, be exercisable immediately at an exercise price of $3.10 per share.
Closing date is April 20, 2023.
Net proceeds from the offering for general corporate purposes and working capital.CJJD is -58% to $1.96.
Source: Press Release
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China Jo-Jo Drugstores crashes 58% on $7M equity offering