China SXT Pharmaceuticals, Inc. Announces Proposed Underwritten Public Offering of Ordinary Shares and Pre-Funded Warrants to Purchase Ordinary Shares

TAIZHOU, China, Jan. 14, 2022 (GLOBE NEWSWIRE) -- China SXT Pharmaceuticals, Inc. ("SXTC" or the "Company"), (NASDAQ:SXTC), a specialty pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces ("TCMPs"), including Advanced TCMPs (Directly-Oral TCMP and After-Soaking-Oral TCMP), fine TCMPs, regular TCMPs, and TCM Homologous Supplements ("TCMHS"), today announced that it intends to offer in an underwritten public offering its ordinary shares and prefunded warrants to purchase ordinary shares. The pre-funded warrants shall be offered at the same price per share as the ordinary shares, less the $0.0001 per share exercise price of each pre-funded warrant. The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, working capital and other business opportunities. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The base offering is expected to be up to approximately $3.4 million, and the underwriter will receive an overallotment option to purchase an additional 15% of the number of ordinary shares and/or pre-funded warrants sold for 45 days following the closing.