China Jo-Jo Drugstores shares are trading lower after the company announced a $2.47 million offering of 1.61 million shares at $1.70 per share.
Portfolio Pulse from Benzinga Newsdesk
China Jo-Jo Drugstores announced a $2.47 million offering of 1.61 million shares at $1.70 per share, causing its shares to trade lower.
May 10, 2024 | 4:11 pm
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NEGATIVE IMPACT
China Jo-Jo Drugstores' share price is expected to face downward pressure in the short term due to the dilutive effect of the new share offering.
The announcement of a new share offering typically leads to a dilution of existing shares, which can depress the stock price in the short term. Given the size of the offering relative to the company's market cap, this is likely to have a significant impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100