HANGZHOU, China, Feb. 27,
2024 /PRNewswire/ -- China
Jo-Jo Drugstores, Inc. (the "Company")
(Nasdaq: CJJD), a Cayman Islands
exempted company, reported that it expects to implement
a 1-for-20 reverse stock split on its ordinary shares
("Ordinary Shares") effective Friday,
March 1, 2024, 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 120.
Upon the effectiveness of the reverse stock split, every 20
shares of the Company's issued and outstanding Ordinary Shares, par
value $0.012 per share, will
automatically be converted into one issued and outstanding Ordinary
Share, par value $0.24 per 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.
The reverse stock split at a ratio of 1-for-20 shares
was approved by the Company's board of directors and its
shareholders. The Company is to file a Third Amended and Restated
Memorandum and Articles of Association with the Cayman Islands
Registrar of Companies effective March 1,
2024.
About China Jo-Jo Drugstores,
Inc.
China 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.
Forward-Looking Statements
This 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
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. The Company's encourages you to review other
factors that may affect its future results in the Company's annual
reports and in its other filings with the Securities and Exchange
Commission.
For more information, please contact:
Company Contact:
Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1- 646-932-7242
investors@ascent-ir.com
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SOURCE China Jo-Jo Drugstores,
Inc.