01:07 PM EDT, 04/29/2024 (MT Newswires) -- China Jo-Jo Drugstores ( CJJD ) shares slid 20% in recent trading after the company said Monday that it is selling 900,000 ordinary shares at $1.70 apiece to several investors in a registered direct offering.

Gross proceeds to the company will be about $1.5 million, with the net proceeds expected to be used for general corporate purposes and working capital, the company said.

The offering is expected to close around Tuesday, China Jo-Jo said.

Price: 2.32, Change: -0.58, Percent Change: -20.00