Shineco, Inc., a company specializing in agricultural production, has entered a securities purchase agreement with 22 third-party purchasers on August 22, 2024. The agreement stipulates the sale of approximately 14.98 million shares of common stock at $0.55 per share, amounting to an aggregate purchase price of $8.24 million.
The share offering was conducted under Shineco's existing registration statement, which was declared effective June 10, 2022. The company anticipates filing a prospectus supplement in connection with this offering by September 6, 2024.
Shineco expects to receive gross proceeds of approximately $8.24 million before offering expenses. The closure of this transaction is anticipated around September 10, 2024, subject to customary closing conditions.
This capital raise aligns with Shineco's strategic initiatives and has been sanctioned by the company's board of directors. The funds are expected to provide financial flexibility for Shineco's operations and potential growth opportunities.
It is important to note that this report does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The sale of securities is subject to registration or qualification under the laws of such jurisdiction.
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