BEIJING, China, September 30, 2016/ PRNewswire/ -- Shineco, Inc. (“Shineco” or the “Company”), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, today announced that it completed an initial public offering (“IPO”) of its common shares on September 28, 2016. The Company raised approximately $7.7 million in gross proceeds through the issuance of 1,713,190 common shares at a price of $4.50 per share. Shineco’s common shares will begin trading today at approximately 10:35 AM EST on the NASDAQ Capital Market under the symbol “TYHT”.
Network 1 Financial Securities, Inc. acted as Underwriter for the offering. Monarch Bay Securities, LLC participated as a Selected Dealer.
Shineco's registration statement relating to the IPO has been filed with, and declared effective by, the United States Securities and Exchange Commission (“SEC”). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Offering of the securities is made only by means of a prospectus. A copy of the prospectus relating to the offering may be obtained by contacting
Network 1 Financial Securities, Inc.
2 Bridge Avenue, Suite 241
Red Bank, New Jersey 07701
Attention: Damon Testaverde, Managing Director, Investment Banking
About Shineco, Inc.
Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. (“Shineco” or the “Company”) is a Delaware holding company that uses its subsidiaries’ and variable interest entities’ vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visit www.shinecobiotech.com.
About Monarch Bay Securities, LLC:
Monarch Bay Securities, LLC, member FINRA/SIPC, was established in 2006 to assist both private and public companies in all areas of capital markets formation. Over the years, Monarch Bay has continued to expand its services and professionals, becoming a one stop middle market investment bank. Monarch Bay provides corporate finance, M&A advisory, third party research, and institutional sales services to a diversified client base that includes fast-growing companies, financial institutions, and high net worth clients. Monarch Bay’s mission is to create opportunity through an application of proven innovation and entrepreneurial focus. For more information please visit www.mbsecurities.com.
This press release contains information about Shineco’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. Shineco encourages you to review other factors that may affect its future results in Shineco’s registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
At Monarch Bay Securities, LLC
Daniel J. McClory, Head of Equity Capital Markets