Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 79

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 received by the Company in July 2024, and all of the June 2024 Shares
were issued on July 8, 2024.

On July 11, 2024, the Company entered into an Underwriting
Agreement with EF Hutton LLC, as the representative for several underwriters, relating to the underwritten public offering (the “Offering”)
of 77,882 shares of common stock at a public offering price of US$25.68 per share, for aggregate gross proceeds of approximately US$2.0
million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company granted the underwriters a 45-day
option to purchase up to an additional 11,683 shares of common stock at the public offering price per share, less the underwriting discounts
to cover over-allotments, if any. The Offering closed on July 15, 2024, and the 45-day option expired on August 30, 2024. The net proceeds
from the offering were approximately US$1.7 million, after deducting the estimated underwriting discounts and commissions and estimated
offering expenses. The Company intends to use approximately 50% of the net proceeds from the Offering for mergers and acquisitions, approximately
25% for repaying outstanding convertible notes, and 25% for general corporate purposes.

On August 22, 2024, the Company entered into a securities
purchase agreement (the “SPA”) with 22 purchasers, each an unrelated third party to the Company (collectively, the “August
2024 Purchasers”). Pursuant to the SPA, the August 2024 Purchasers agree to purchase, and the Company agreed to issue and sell to
the August 2024 Purchasers, an aggregate of 624,375 shares of the Company’s common stock, par value US$0.001 per share (the “August
2024 Shares”), at a purchase price of US$13.20 per share, and for an aggregate purchase price of US$8,241,750. The SPA, the transaction
contemplated thereby, and the issuance of the August 2024 Shares have been approved by the Company’s board of directors. The closing
of the transaction contemplated by the SPA took place on September 10, 2024. As of March 31, 2025, proceeds of approximately US$4.7 million
were received by the Company, and the remaining proceeds are