Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 77

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 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, 2023, the Company entered into a securities
purchase agreement (the “Purchase Agreement”) with certain non-US investors (the “Investors”). Under the Purchase
Agreement, the Company agreed to sell to the Investors up to 50,000 shares (the “Shares”) of its common stock at a per share
purchase price of US$28.80 for gross proceeds of up to US$1,440,000. The Company has received gross proceeds in full from the Investors,
and all of the Shares were issued on December 28, 2023.

    41

On February 1, 2024, the Company’s stockholders
approved a 1-for-10 reverse stock split of the shares of the Company’s common stock, with a par value of US$0.001 per share, which
became effective on February 16, 2024 (the “First 2024 Reverse Stock Split”). As a result