08:38 AM EDT, 07/12/2024 (MT Newswires) -- Shineco ( SISI ) said Friday that it priced an underwritten public offering of 1,869,160 shares at $1.07 per share for gross proceeds of about $2 million.

The medical products company granted underwriters a 45-day option to buy up to 280,374 additional shares at the offering price, less the underwriting discounts to cover over-allotments.

The offering is expected to close on Monday.

Shineco ( SISI ) shares plunged 52% to $1.02 in recent premarket activity.

Price: 1.0200, Change: -1.10, Percent Change: -51.89