China Jo-Jo Drugstores schedules annual shareholder meeting

China Jo-Jo Drugstores, Inc., a retail drugstore chain currently trading at $1.06 per share, announced the scheduling of its annual general meeting for shareholders. The company, which has seen its stock decline by approximately 12% year-to-date according to InvestingPro data, has furnished the details of the meeting in a Form 6-K filed with the U.S. Securities and Exchange Commission (SEC).

The Form 6-K, which serves as a report for foreign private issuers, details that the meeting is in connection with the company’s annual general meeting of shareholders. The document includes a proxy statement, a form of proxy card for reference, and a notice regarding the availability of proxy materials. According to InvestingPro analysis, the company maintains a ’FAIR’ financial health score of 2.16, with particularly strong metrics in relative value and cash flow management.

Shareholders of China Jo-Jo Drugstores will be able to vote based on the proxy card they receive, which is noted as a form for reference only in the SEC filing. The company has taken the necessary steps to ensure that all legal requirements are met for this report, as indicated by the signature of Chief Executive Officer Lei Liu, who authorized the report on behalf of the registrant.

The information provided is based on the press release statement and is intended to inform shareholders and interested parties of the upcoming meeting. China Jo-Jo Drugstores operates out of Hangzhou City, Zhejiang Province, in the People’s Republic of China, and is incorporated in the Cayman Islands. The company’s fiscal year ends on March 31.

As per SEC regulations, the Form 6-K is filed under the 1934 Securities Exchange Act, and the company has indicated that it will file annual reports under Form 20-F. This filing is a routine disclosure that publicly traded companies must submit to inform shareholders of significant events that may affect their ownership interests.

InvestingPro data reveals the company trades at a notably low Price/Book ratio of 0.22, with a current ratio of 3.26, indicating strong short-term liquidity. Subscribers can access 12 additional ProTips and comprehensive financial metrics in the Pro Research Report.

The announcement is critical for investors and shareholders as it relates to their voting rights and participation in corporate governance matters. The specific date and agenda for the annual general meeting were not disclosed in the information provided.

In other recent news, Kandi Technologies Group reported a decline in Q3 2024 revenue, with revenues dropping to $29.9 million from $36.4 million the previous year. The company’s nine-month revenue also experienced a 5.7% year-over-year decrease, totaling $89.8 million. Despite these financial developments, CEO Feng Chen has introduced a growth strategy for the next five years, focusing on product enhancement and establishing U.S. production.

Kandi Technologies is also seeking shareholder approval to authorize an additional 10 million shares for its stock option plan and is planning to acquire Hangzhou Honghu to expand into autonomous driving and ride-hailing services. Notably, the company is investing in a U.S. lithium battery facility and a production line for off-road vehicles, indicating a strong focus on the smart mobility market.

These recent developments illustrate Kandi Technologies’ commitment to strategic growth and expansion, despite facing revenue declines and a 15-year low in its stock valuation. The company maintains a solid financial position, with $260 million in cash reserves, and is actively repurchasing shares.

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