Does anyone know what happened to this:
On May 8, 2019, Tenjove NewHemp Biotech Co., Ltd. (“Tenjove”), a subsidiary of Shineco, Inc. (“Shineco”), filed with the United States Securities and Exchange Commission a Notice of Exempt Offering of Securities on Form D regarding an offering (“Offering”) of tokens that Tenjove plans to conduct under Rule 506(c) of Regulation D of the Securities Act of 1933 (“Securities Act”).
Tenjove plans to raise up to $20,000,000 in the Offering, and up to an additional $20,000,000 in an offering under Regulation S of the Securities Act. Tenjove intends to use the net proceeds from sales of the tokens to develop land and facilities for cultivating industrial hemp in China under a newly formed wholly owned subsidiary (the “Operations”). On an annual basis, Tenjove will agree to repurchase a certain number of tokens on the open market in an amount equal to the higher of 5% of the total amount of proceeds raised by Tenjove in the offerings, or 40% of net profits generated from the Operations (the “Repurchase Amount”). Shineco will guarantee Tenjove’s obligations to repurchase the tokens up to the Repurchase Amount.
1
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.
SHINECO, INC.
Date: May 13, 2019
By: /s/ Yuying Zhang
Name: Yuying Zhang
Title: Chief Executive Officer
