Shineco Announces Closing of $2 Million Underwritten Public Offering

Beijing, July 15, 2024 (GLOBE NEWSWIRE) — Shineco, Inc. (“Shineco” or the “Company”) (NASDAQ: SISI), a provider of innovative diagnostic medical products and related medical devices, today announced the closing of its underwritten public offering of 1,869,160 shares of its common stock at a public offering price of $1.07 per common share, for total gross proceeds of approximately $2 million, before deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 280,374 shares of its common stock at the public offering price per share, less underwriting discounts to cover over-allotments, if any.

EF Hutton LLC acted as sole bookrunner for the offering.

The common shares were offered by the Company pursuant to an effective registration statement on Form S-3 (File No. 333-261229), which was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on June 10, 2022, and the accompanying prospectus contained therein.

The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A prospectus supplement describing the terms of the public offering was filed with the SEC and was part of the effective registration statement. The final prospectus supplement and accompanying prospectus relating to this offering were filed with the SEC on July 15, 2024.

Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained at the SEC’s website at http://www.sec.gov or by contacting EF Hutton LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at [email protected], or by telephone at (212) 404-7002.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if any, has been made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Shineco, Inc.

Shineco Inc. (“Shineco” or the “Company”) aims to “take care of healthy life and improve the quality of life” by providing society with safe, effective and high-quality medical and health products and services. Shineco, operating through subsidiaries, has so far researched and developed 33 in vitro diagnostic reagents and related medical devices, 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 the United States federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue” and similar expressions are intended to identify these forward-looking statements. These statements include, among others, statements regarding the proposed public offering and the timing of the offering. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expected and, accordingly, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and the factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on September 28, 2023 and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to update or publicly announce any revisions to any forward-looking statements contained in this press release.

For further 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