China SXT Pharmaceuticals, Inc. Announces Successful Closing of $4.1 Million Follow-on Underwritten Offering of Ordinary Shares and Pre-Funded Warrants With Simultaneous Exercise of the Over-Allotment

TAIZHOU, China, Jan. 20, 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 the closing of an underwritten public offering (the “Offering”) of its ordinary shares and prefunded warrants to purchase ordinary shares, and the simultaneous closing of the overallotment option, with gross proceeds to the Company to be approximately $4.1 million, assuming the pre-funded warrants will be fully exercised and before deducting underwriting discounts and commissions and other estimated expenses payable by the Company. The Offering equates to 22,777,774 of the Company's ordinary shares. The ordinary shares are offered at a price of $0.18 per share and the pre-funded warrants are offered at the same price per share as the ordinary shares, less the $0.01 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.