China Jo-Jo Drugstores Completes Redomiciliation Merger

Rhea-AI Summary

China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) has successfully completed its Redomiciliation Merger, converting each outstanding share of its common stock into an ordinary share of China Jo-Jo Drugstores, Inc., now registered in the Cayman Islands. This move maintains its NASDAQ trading symbol, CJJD, while facilitating potential business growth and operational flexibility in an international context. Jo-Jo Drugstores is a leading retailer and wholesaler of pharmaceutical and healthcare products in China, operating both online and offline.

Positive

• Redomiciliation may enhance operational flexibility and growth opportunities.
• Maintaining NASDAQ listing under the same symbol (CJJD) supports market presence.

Negative

• None.

HANGZHOU, China, July 30, 2021 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced  that the redomiciliation merger to redomicile the Company as a Cayman Islands company (the "Redomiciliation Merger") has been completed.

Pursuant to the Redomiciliation Merger, each outstanding share of the common stock of the Company was converted into the right to receive one ordinary share of China Jo-Jo Drugstores, Inc., a Cayman Islands company ("CJJD Cayman"). The ordinary shares of CJJD Cayman are listed on the NASDAQ Capital Market under the trading symbol "CJJD," the same symbol under which the common stock of the Company was listed.

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company"), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China. Jo-Jo Drugstores currently operates an online pharmacy and retail drugstores with licensed doctors on site for consultation, examination and treatment of common ailments at scheduled hours. It is also a wholesale distributor of products similar to those carried in its pharmacies. For more information about the Company, please visit http://jiuzhou360.com. The Company routinely posts important information on its website.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Company Contact: 

Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com

Investor Relations Contact:

Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com  

View original content:https://www.prnewswire.com/news-releases/china-jo-jo-drugstores-completes-redomiciliation-merger-301344765.html

SOURCE China Jo-Jo Drugstores, Inc.

FAQ

What is the purpose of China Jo-Jo Drugstores' Redomiciliation Merger?

The Redomiciliation Merger allows China Jo-Jo Drugstores to operate as a Cayman Islands company, enhancing operational flexibility and potentially facilitating growth opportunities.

When was the Redomiciliation Merger for CJJD completed?

The Redomiciliation Merger was completed on July 30, 2021.

What trading symbol does China Jo-Jo Drugstores use after the merger?

After the merger, China Jo-Jo Drugstores continues to use the trading symbol 'CJJD' on the NASDAQ Capital Market.

What business does China Jo-Jo Drugstores operate?

China Jo-Jo Drugstores is a leading online and offline retailer and wholesale distributor of pharmaceutical and healthcare products in China.

What are the potential benefits of CJJD's merger for investors?

Investors may benefit from enhanced operational flexibility and potential for growth as the company expands its market presence internationally.