11:27 AM EDT, 06/24/2024 (MT Newswires) -- Shineco ( SISI ) said Monday that it agreed to sell up to 1.4 million shares at $5 apiece to non-US investors to raise about $7 million.

The offering will likely close around July 31, the company said.

Net proceeds will be used for working capital and general corporate purposes, it added.

The company's shares were down more than 12% in recent trading.

Price: 2.96, Change: -0.43, Percent Change: -12.68