11:18 AM EDT, 06/11/2024 (MT Newswires) -- China Jo-Jo Drugstores ( CJJD ) said Tuesday it has signed definitive agreements to sell 1.98 million shares at $1.70 per share to a number of investors in a registered direct offering to raise about $3.4 million.

The offering is expected to close on or about June 26, the company said.

Net proceeds will be used for general corporate purposes and working capital, the firm said.

The stock was down more than 7% in recent trading.

Price: 2.36, Change: -0.20, Percent Change: -7.81