HANGZHOU, China, June 11, 2024 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced that it has entered into definitive agreements with a number of investors providing for the issuance of 1,980,000 million ordinary shares, at a purchase price of $1.70 per share, in a registered direct offering for an aggregate gross proceeds of approximately $3.37 million. The closing of the sale of the securities is expected to occur on or about June 26, 2024, subject to satisfaction of customary closing conditions.

Jo-Jo Drugstores intends to use the net proceeds from the offering for general corporate purposes and working capital.

The ordinary shares described above are being offered pursuant to a "shelf" registration statement on Form F-3 (File No. 333-259692), which was declared effective by the United States Securities and Exchange Commission (the "SEC") on December 19, 2022. The ordinary shares described above may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When filed with the SEC, copies of the final prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company"), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China. Jo-Jo Drugstores currently operates an online pharmacy and retail drugstores with licensed doctors on site for consultation, examination and treatment of common ailments at scheduled hours. It is also a wholesale distributor of products similar to those carried in its pharmacies. For more information about the Company, please visit http://jiuzhou360.com. The Company routinely posts important information on its website.