Shineco, Inc. Announces Completion of Securities Purchase

BEIJING, June 24, 2024 (GLOBE NEWSWIRE) — Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: SISI), a provider of innovative diagnostic medical products and related medical devices, today announced that on June 20, 2024, the Company entered into a contract purchase of securities (the “SPA” with certain non-U.S. investors (each individually, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the SPA, the Company will issue up to 1,400,000 shares of its common stock (the “Purchasers”). Shares”) to purchasers in a private placement financing transaction (the “Offering”) at an offering price of $5.00 per share. The gross proceeds of the offering are expected to be approximately $7,000,000. $, before customary expenses The purchasers are a former related party of the Company, who has agreed to purchase 1,000,000 shares of common stock, a member of management of the Company, who has agreed to purchase 200,000. common shares, and an individual investor who agreed to purchase 200,000 common shares. action. The offering is expected to close and the shares are expected to be issued on or about July 31, 2024.

The Company plans to use the proceeds from this offering for working capital and general corporate purposes, thereby strengthening the execution of its strategic initiatives.

The shares described above were offered in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation S promulgated thereunder. herein, and may not be offered or sold in the United States. , except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction wherein such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Ms. Jennifer Zhan, CEO of Shineco, said: “We are pleased to conclude the SPA with the buyers, as the new capital will support our strategic growth plan which has been developed to capitalize on opportunities in the medical and healthcare landscape. health. The financing also demonstrates the confidence of management and investors in our business strategy, business development and growth prospects. Our operational, financing and investment strategy has only one objective: to create long-term value for our shareholders.

About Shineco, Inc.

Shineco Inc. (“Shineco” or the “Company”) aims to “take care of healthy living and improve the quality of life”, by providing society with safe, effective and efficient health and medical products and services. high quality. Shineco, operating through subsidiaries, has researched and developed 33 in vitro diagnostic reagents and related medical devices to date, and the company also produces and sells healthy and nutritious foods. For more information about Shineco, please visit www.biosisi.com/.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “predict”, “anticipate”. », “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluate” or similar words. Forward-looking statements should not be relied upon because they constitute neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include, among others, statements we make regarding the innovativeness and market position of our products and services, our competitive strengths and our expectation that the healthy meal replacement joint venture will be a product competitive in its field. You are cautioned not to rely on any forward-looking statements. Actual results may differ materially from historical results or those indicated in forward-looking statements due to various factors, including, but not limited to, risks and uncertainties associated with the Company’s ability to raise additional funds, its ability to maintain and grow its business, the variability of operating results, its ability to maintain and improve its brand, its development and introduction of new products and services, the ability to obtain all necessary regulatory approvals in jurisdictions where it intends to successfully market and sell its products integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, industry competition, government regulations general, economic conditions, impact of the COVID-19 pandemic, reliance on key personnel, its ability to attract, hire and retain personnel with the technical skills and experience necessary to meet its customers’ requirements, and its ability to protect its intellectual property. Shineco encourages you to consider other factors that may affect its future results in its filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are based only on information currently available to us and speak only as of the date of this press release, and Shineco undertakes no obligation to update any forward-looking statements, except if applicable rules and regulations.

For more information please contact:

Shineco, Inc.
[email protected]
Mobile: +86-010-68130220

Precept Investor Relations LLC
David J. Rudnick
[email protected]
Mobile: +1-646-694-8538