India, Oct. 8 -- China SXT Pharmaceuticals (SXTC) has entered into a definitive agreement with certain institutional investors to raise approximately $12 million through a registered direct offering, providing additional capital to support its operations.
Under the agreement, the company will sell 8 million Class A ordinary shares, or pre-funded warrants in lieu of shares, at a purchase price of $1.50 per share. Investors will also receive 8 million warrants with an exercise price of $1.50 per share. The warrants will be exercisable immediately upon issuance and will remain valid for one year.
The offering is expected to generate gross proceeds of about $12 million, before deducting placement agent fees and other expenses. In addition, in...