UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
On December 6, 2021, Shineco, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with GHS Investments, LLC (“GHS”). Under the Purchase Agreement, the Company will sell GHS 291,775 shares (“Shares”) of its common stock at a per share purchase price of $6.8546 (subject to the terms and conditions of the Purchase Agreement) for gross proceeds of $2,000,000. The closing for the sale of the Shares is expected to occur on December 6, 2021.
The Shares were offered, and will be issued, pursuant to the Prospectus Supplement, dated December 6, 2021, to the Prospectus included in the Company’s Registration Statement on Form S-3 (Registration No. 333-250160) filed with the Securities and Exchange Commission on November 11, 2020, as amended by Amendment No. 1 to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission on June 21, 2021 and declared effective on June 23, 2021.
The Company retained a financial advisor (the “Financial Advisor”) with respect to this offering. We have agreed to pay the Financial Advisor a fee of $ $160,000 in connection with this offering.
Sichenzia Ross Ference LLP, counsel to the Company, has issued an opinion to the Company regarding the validity of the securities to be issued in the offering. A copy of the opinion is filed as Exhibit 5.1 to this Current Report on Form 8-K.
The foregoing description of the Purchase Agreement is qualified in its entirety by reference to Exhibit 10.1 attached hereto and incorporated herein by reference.
Item 8.01 Other Events
On December 6, 2021, the Company issued a press release regarding the execution of the Purchase Agreement. A copy of the press release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
Exhibit No |
Exhibit | |
| 5.1 | Opinion of Sichenzia Ross Ference LLP | |
| 10.1 | Form of Securities Purchase Agreement | |
| 99.1 | Press release dated December 6, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 6, 2021
| SHINECO, INC. | ||
| By: | /s/ Yuying Zhang | |
| Name: | Yuying Zhang | |
| Title: | Chairman of the Board of Directors | |