Business
China Jo-Jo Drugstores, Inc. Announces 1-for-12 Reverse Stock Split
HANGZHOU, China, April 6, 2022 /PRNewswire/ – China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company") (Nasdaq: CJJD), a Cayman Islands company,
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[{"type":"text","content":"HANGZHOU, China, April 6, 2022 /PRNewswire/ – China Jo-Jo Drugstores, Inc. (\"Jo-Jo Drugstores\" or the \"Company\") (Nasdaq: CJJD), a Cayman Islands company, reported that it expects to implement a 1-for-12 reverse stock split on its ordinary shares effective Thursday, April 7, 2022, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the ordinary shares will continue on the Nasdaq Capital Market under the symbol \"CJJD\". The new CUSIP number for the ordinary shares following the reverse stock split is G2124G 112.\nUpon the effectiveness of the reverse stock split, every 12 shares of the Company's issued and outstanding ordinary shares will automatically be converted into one issued and outstanding ordinary share. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The reverse stock split affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares.\nThe reverse stock split at a ratio of 1-for-12 shares was approved by the Company's board of directors and its shareholders. The Company filed a Second Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar of Companies. \nAbout China Jo-Jo Drugstores, Inc.\nChina 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.\nForward-Looking Statements\nThis press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ ma...