Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 75

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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, 2024

On June 20, 2024, the Company
entered into a securities purchase agreement with certain non-U.S. investors (the “June 2024 Purchasers”), pursuant to
which the Company agreed to sell, and the Purchasers agreed to purchase, severally and not jointly, an aggregate of 58,333
shares of common stock of the Company (the “June 2024 Shares”) at an offering price of US$120.00
per share for gross proceeds of up to US$7.0
million. In reliance on the June 2024 Purchasers’ representations to the Company, the June 2024 Shares issued in this offering
were not subject to the registration requirements of the Securities Act, pursuant to Regulation S promulgated thereunder. As of June
30, 2024, proceeds of approximately US$6.4
million were received by the Company, and the remaining proceeds were fully 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