China Jo-Jo Drugstores, Inc. Announces its Common Stock Has Been Approved for Trading on The NASDAQ Capital Market & Pricing ...
23 April 2010 - 3:31AM
Business Wire
China Jo-Jo Drugstores, Inc. (NASDAQ: CJJDD) (“Jo-Jo Drugstores”
or the “Company”), which operates a retail pharmacy chain in the
People’s Republic of China (the “PRC”), today announced the listing
of its common stock on The NASDAQ Capital Market and the pricing of
a public offering of 3,500,000 shares of its common stock. Jo-Jo
Drugstores has granted the underwriters a 45-day option to purchase
up to an additional 525,000 shares of common stock. The shares were
offered to the public at $5.00 per share. The offering is expected
to settle and close on April 27, 2010, subject to customary closing
conditions. Net proceeds from the offering are expected to be used
for expansion of the Company’s pharmacy chain, marketing and
working capital and for general corporate purposes.
Madison Williams and Company, LLC and Rodman & Renshaw, LLC,
a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ:
RODM), acted as joint book-running managers for the offering.
The Company’s common stock, which previously traded on the OTC
Bulletin Board, will commence trading on The NASDAQ Capital Market,
today, April 22, 2010. In connection with the 1-for-2 reverse stock
split effected on April 9, 2010, the Company’s current symbol
“CJJDD” will continue to be effective until May 11, 2010, and
thereafter will become “CJJD”.
The offering is made only by means of a prospectus, copies of
which may be obtained from Madison Williams and Company, LLC, 527
Madison Avenue, 14th Floor, New York, NY 10022, or by calling
212-508-4007, or from Rodman & Renshaw, LLC, 1251 Avenue of the
Americas, New York, NY 10020 or by calling 212-430-1710 or email:
info@rodm.com. An electronic copy of the prospectus supplement is
also available on the web site of the Securities and Exchange
Commission (the "SEC") at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, 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 registration or qualification under the securities laws of any
such state or jurisdiction.
About China Jo-Jo Drugstores, Inc.
Jo-Jo Drugstores, through its contractually controlled
affiliates Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd.,
Hangzhou Jiuzhou Clinic of Integrated Traditional and Western
Medicine General Partnership, and Hangzhou Jiuzhou Medical &
Public Health Service Co., Ltd., operates a retail pharmacy chain
in China offering both western and traditional Chinese medicine.
The chain currently has 25 stores throughout Hangzhou, the
provincial capital of the Zhejiang Province.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Certain of the statements made in the press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“project,” “plan,” “seek,” “intend,” or “anticipate” or the
negative thereof or comparable terminology. Such statements
typically involve risks and uncertainties and may include financial
projections or information regarding the progress of new product
development. Actual results could differ materially from the
expectations reflected in such forward-looking statements as a
result of a variety of factors, including the risks associated with
the effect of changing economic conditions in The People's Republic
of China, variations in cash flow, reliance on collaborative retail
partners and on new product development, variations in new product
development, risks associated with rapid technological change, and
the potential of introduced or undetected flaws and defects in
products, and other risk factors detailed in reports filed with the
Securities and Exchange Commission from time to time.
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