China Jo-Jo Drugstores shares are trading lower after the company announced a $3.37 million registered direct offering of 1.98 million shares at $1.70 per share.
Portfolio Pulse from Benzinga Newsdesk
China Jo-Jo Drugstores shares are trading lower following the announcement of a $3.37 million registered direct offering of 1.98 million shares at $1.70 per share.
June 11, 2024 | 4:13 pm
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China Jo-Jo Drugstores shares are trading lower after the company announced a $3.37 million registered direct offering of 1.98 million shares at $1.70 per share.
The announcement of a registered direct offering typically dilutes existing shareholders' value, leading to a decrease in share price. The offering price of $1.70 per share is likely perceived as lower than the market value, contributing to the negative sentiment.
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