China SXT Pharmaceuticals, Inc. Enters into Non-Binding LOI to Acquire Jiangsu Renji Pharmaceutical Chain Co., Ltd.
China SXT Pharmaceuticals, Inc. (SXTC)
Company Research
Source: PR Newswire
TAIZHOU, China, Feb. 11, 2021 /PRNewswire/ -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) ("China SXT" or the "Company") announced today that it has entered into a non-binding letter of intent with Jiangsu Renji Pharmaceutical Chain Co., Ltd. ("Renji Chain").Pursuant to the terms of the LOI, the Company will acquire 70% of the equity interest of Renji Chain in exchange for cash and the Company's common shares. The parties will negotiate and agree on the final amount upon completion of Renji Chain's audit. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.Mr. Feng Zhou, Chief Executive Officer and Director of China SXT, commented, "Renji Chain is a pharmaceutical retail chain with national online drug sales license and also the biggest retail chain integrating pharmaceutical marketing and service in Taizhou. Its market share has ranked first in the pharmaceutical retail industry in Taizho
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