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China SXT Pharmaceuticals targets $16.2M in US IPO

China SXT Pharmaceuticals Inc. said it expects to raise up to $16.2 million in its previously announced IPO.

The Taizhou, China-based drugmaker, which is known for traditional Chinese medicine, will list its ordinary shares on the Nasdaq Capital Market under the ticker SXTC.

The company plans to use the proceeds from the offering for working capital and general corporate purposes, including the expansion of its business.

China SXT has 20 million issued and outstanding ordinary shares as of Dec. 4, 2017.

The company has hired Boustead Securities LLC to underwrite the listing.