Shineco, Inc., a provider of innovative diagnostic medical products and related medical devices, has announced the pricing of its underwritten public offering. The company will offer 1,869,160 shares of its common stock at a public offering price of $1.07 per share, resulting in aggregate gross proceeds of approximately $2 million. This offering is subject to customary closing conditions and is expected to close on July 15, 2024.
In addition to the initial offering, Shineco has granted the underwriters a 45-day option to purchase up to an additional 280,374 shares of common stock to cover over-allotments. EF Hutton LLC is acting as the sole book-running manager for the offering.
The common stock is being offered by Shineco pursuant to an effective shelf registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission (SEC) on June 10, 2022. The offering is being made through a prospectus supplement and accompanying prospectus that form a part of the registration statement.
Shineco aims to ‘care for a healthy life and improve the quality of life’ by providing safe, efficient, and high-quality health and medical products and services to society. The company has researched and developed 33 vitro diagnostic reagents and related medical devices to date, in addition to producing and selling healthy and nutritious foods.
Forward-looking statements in this press release highlight the company’s expectations and plans regarding the proposed public offering and its timing. Shineco cautions readers that these statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. The company encourages readers not to place undue reliance on these forward-looking statements, which speak only as of the date made.
For more information about Shineco and the public offering, please visit the company’s website or contact Shineco directly.