After changing its name and taking a number of smart corporate steps, Ridgetech Inc. (NASDAQ: RDGT) saw a sharp increase in the value of its shares. With a remarkable 78.62% rise, RDGT shares were trading at $2.71 as of the most recent market report.
Key Corporate Changes
In order to discuss and accept a number of important proposals, Ridgetech Inc. (previously China Jo-Jo Drugstores, Inc.) called its annual general meeting of shareholders on February 25, 2025.
Shareholders approved a thorough corporate reorganization during this meeting, which included approving the deals specified in the acquisition and divestiture agreements. Along with the related changes to its corporate charter, the company’s name change from “China Jo-Jo Drugstores, Inc.” to “Ridgetech, Inc.” was also approved.
Acquisition and Divestiture Transactions
As previously announced, Ridgetech signed an acquisition agreement on January 31, 2025, to buy Ridgeline International Limited from Lingtao Kong, its only shareholder. RDGT is making a calculated effort to grow its commercial activities with this purchase.
Simultaneously, the Company executed a Divestiture Agreement with Renovation Investment (Hong Kong) Co., Ltd., facilitating the transfer of all equity in Zhejiang Jiuxin Investment Management Co. Ltd. to Oakview International Limited.
In return, Mr. Lei Liu, Ms. Li Qi, Oakview, and their affiliates surrendered 2,548,353 ordinary shares to the Company at no consideration. Collectively, these agreements are referred to as the Transaction Agreements, while the executed deals are designated as the Transactions.
Leadership Transition and Market Rebranding
On February 28, 2025, the transactions were formally completed after the annual meeting’s shareholder authorization. As part of this shift, the firm rebranded itself as Ridgetech Inc. and will switch its trading symbol from “CJJD” to “RDGT” on the Nasdaq Stock Market today.
The CUSIP number for RDGT shares has not changed in spite of these modifications. In a further leadership change, Ming Zhao was designated temporary CEO until a permanent replacement was found, and Mr. Liu and Ms. Qi resigned from their executive and board positions.