SHINECO, INC.: M&A transaction — Shineco completes acquisition of 51% of Changzhou Biowin Pharmaceutical for $9M cash + 3.26M shares

SHINECO, INC.

Total consideration ~$12.1M: $9M cash plus 3.26M SISI shares valued at $0.95/share (~$3.1M).
Acquisition closed Dec 30, 2022; subsidiary Shineco Life Science Research acquired 51% stake from Beijing Kanghuayuan.
Performance targets for 2023-2025: 2023 rev >=RMB35M, net profit >=RMB5.5M; 2024 rev >=RMB50M, net profit >=RMB10M; 2025 rev >=RMB80M, net profit >=RMB20M.
Financial statements of Biowin to be filed by amendment within 71 days of 8-K.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SHINECO, INC. completed an acquisition involving Beijing Kanghuayuan Medicine Information Consulting Co., Ltd. for US $9 million in cash and the Company issued 3,260,000 shares of the Company’s common stock (closed 2022-12-30).

Action: acquisition
Counterparty: Beijing Kanghuayuan Medicine Information Consulting Co., Ltd.
Consideration: US $9 million in cash and the Company issued 3,260,000 shares of the Company’s common stock
Closing: 2022-12-30

Exact text from the filing

established under the laws of China (“Seller”) Biowin, the Company and Subsidiary (the “Agreement”). As the consideration for the acquisition, the Company paid to Seller US $9 million in cash and the Company issued 3,260,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) to the equity holders of Biowen or

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Source: SEC EDGAR

accession 0001493152-23-000231

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