Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 73

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 share of common stock
without any action on the part of stockholders. No fractional shares of common stock were issued to any stockholders in connection with
the 2020 Reverse Stock Split. Each stockholder was entitled to receive one share of common stock in lieu of the fractional share that
would have resulted from the 2020 Reverse Stock Split. The number of the Company’s authorized common stock remained at 100,000,000
shares, and the par value of the common stock following the 2020 Reverse Stock Split remained at US$0.001 per share. As a result of the
2020 Reverse Stock Split, the Company’s shares and per share data as reflected in the unaudited condensed consolidated financial
statements were retroactively restated as if the transaction occurred at the beginning of the periods presented.

On April 10, 2021, the Company issued
16,134 shares of common stock to selected investors at a price of US$768.00 per share. The Company received net proceeds of US$7,981,204
and US$3,024,000 was waived by the Company during the year ended June 30, 2024. (See Note 18)

On August 30, 2023, the Board of Directors
of the Company approved the issuance of shares of common stock pursuant to the Company’s 2023 Equity Incentive Plan (the “2023
Plan”) in the aggregate amount of 15,854 shares (the “Shares”) to its non-officer employees. The fair value of the
Shares was US$540,310 based on the fair value of share price US$34.08 at August 30, 2023. The Shares were issued in September 2023.

On May 29, 2023, Shineco Life entered
into a stock purchase agreement with Dream Partner, Wintus and the Wintus Sellers, pursuant to which Shineco Life shall acquire 71.42%
equity interest in Wintus. As the consideration for the Acquisition, the Company (a) paid the Wintus Sellers an aggregate cash consideration
of US$2,000,000; (b) issued certain shareholders, as listed in the agreement, an aggregate of 41,667 shares of the Company’s restricted
Common Stock; and (c) transferred and sold to the Sellers 100% of the Company’s equity interest in Tenet-Jove. (See Note 11).

On December 22,