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China SXT Pharmaceuticals, Inc. Announces Pricing of a $15 Million PIPE Financing
TAIZHOU, China, April 17, 2019 /PRNewswire/ -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) ("China SXT" or the "Company"), a specialty pharmaceutical
About this update from China Sxt Pharmaceuticals, Inc.
[{"type":"text","content":"TAIZHOU, China, April 17, 2019 /PRNewswire/ -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) (\"China SXT\" or the \"Company\"), a specialty pharmaceutical company focusing on the research, development, manufacture, marketing and sales of Traditional Chinese Medicine Pieces (\"TCMPs\"), today announced that it entered into securities purchase agreements and other ancillary agreements with certain institutional investors pursuant to which China SXT will sell (1) Senior Convertible Notes in the aggregate principal amount of $15 million (each, a \"Note\" and collectively, the \"Notes\"), consisting of (i) a Series A Note in the principal amount of $10 million, and (ii) a Series B Note in the principal amount of $5 million and (2) Series A and Series B warrants (the \"Warrants\") to purchase such amount of shares of the Company's ordinary shares equal to 50% of the shares issuable upon conversion of the Notes, exercisable for a period of four years at an exercise price of $8.38, for consideration consisting of (i) a cash payment of $10,000,000, and (ii) a secured promissory note payable by the Investors to the Company (the \"Investor Note\") in the principal amount of $5 million. The private placement is subject to customary closing conditions and is expected to close during this April.\nFT Global Capital, Inc. served as the exclusive placement agent for the transaction.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.\nThe securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. China SXT has agreed to file a registration statement with the Commission covering the resale of the ordinary shares sold in the private placement, including the ordinary shares issuable upon conversion of the Notes and exercise of the Warrants.\nAbout China SXT Pharmaceuticals, Inc. \nFounded in 2005 and headquartere...