CJJD - China Jo-Jo Drugstores falls 15% on ~$2.63M registered direct offering

• China Jo-Jo Drugstores ( NASDAQ: CJJD ) signed an agreement with certain investors for a registered direct offering to raised gross proceeds of ~$2.63M.
• The company will sell 1.75M ordinary shares at $1.50 per share for aggregate gross proceeds of ~$2.63M.
• Jo-Jo Drugstores also agreed to issue registered warrants to buy up to 5.25M shares at an exercise price of $2.5 per share.
• The transaction is  expected to closed around Jan. 24.
• Jo-Jo Drugstores intends to use the net proceeds for general corporate purposes and working capital.
• CJJD -16.06% to $2.09 premarket Jan. 20

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