Business
China SXT Pharmaceuticals, Inc. Announces Successful Closing of $4.1 Million Follow-on Underwritten Offering of Ordinary Shares and Pre-Funded Warrants With Simultaneous Exercise of the Over-Allotment
TAIZHOU, China, Jan. 20, 2022 (GLOBE NEWSWIRE) -- China SXT Pharmaceuticals, Inc. ("SXTC" or the "Company"), (NASDAQ: SXTC), a specialty pharmaceutical
About this update from China Sxt Pharmaceuticals, Inc.
[{"type":"text","content":"TAIZHOU, China, Jan. 20, 2022 (GLOBE NEWSWIRE) -- China SXT Pharmaceuticals, Inc. (\"SXTC\" or the \"Company\"), (NASDAQ: SXTC), a specialty pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces (\"TCMPs\"), including Advanced TCMPs (Directly-Oral TCMP and After-Soaking-Oral TCMP), fine TCMPs, regular TCMPs, and TCM Homologous Supplements (\"TCMHS\"), today announced the closing of an underwritten public offering (the “Offering”) of its ordinary shares and prefunded warrants to purchase ordinary shares, and the simultaneous closing of the overallotment option, with gross proceeds to the Company to be approximately $4.1 million, assuming the pre-funded warrants will be fully exercised and before deducting underwriting discounts and commissions and other estimated expenses payable by the Company. The Offering equates to 22,777,774 of the Company's ordinary shares. The ordinary shares are offered at a price of $0.18 per share and the pre-funded warrants are offered at the same price per share as the ordinary shares, less the $0.01 per share exercise price of each pre-funded warrant. The Company intends to use the net proceeds from this Offering for general corporate purposes, including, but not limited to, working capital and other business opportunities. Aegis Capital Corp. acted as the sole book-running manager for the Offering. This Offering is being made pursuant to an effective shelf registration statement on Form F-3 (No. 333-252664) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on February 10, 2021. A final prospectus supplement relating to, and describing the terms of, the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010. Before investing in this Offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are...