China Jo-Jo Drugstores Announces $3.37M Registered Direct Offering Of 1.98M Shares At A Price Of $1.70/Share
Portfolio Pulse from Benzinga Newsdesk
China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) announced a $3.37 million registered direct offering of 1.98 million shares at $1.70 per share. The proceeds will be used for general corporate purposes and working capital. The closing is expected around June 26, 2024, subject to customary conditions.
June 11, 2024 | 1:08 pm
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China Jo-Jo Drugstores announced a $3.37 million registered direct offering of 1.98 million shares at $1.70 per share. The proceeds will be used for general corporate purposes and working capital. The closing is expected around June 26, 2024, subject to customary conditions.
The announcement of a direct offering typically leads to a short-term decrease in stock price due to dilution concerns. However, the use of proceeds for general corporate purposes and working capital may mitigate some negative sentiment.
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