News & Events zu Paranovus Entertainment Technology Ltd (PAVS)PAVSParanovus Entertainment Technology Ltd

PAVS and AC Sunshine Securities Terminate Sales Agreement

PAVS and AC Sunshine Securities have mutually agreed to terminate the sales agreement entered into on June 4, and the related at-the-market offering arrangement, effective on June 14. The termination of the Sales Agreement and the ATM offering was made by mutual agreement of the parties and was not the result of any disagreement between the Company and ACSS regarding the terms of the Sales Agreement, the Company's operations, financial disclosures, accounting policies, or practices. As a result of the termination, no further sales of the Company's Class A ordinary shares, par value $0.000012 each, will be made pursuant to the ATM and the Sales Agreement. Prior to the termination, the Company had sold an aggregate of 39,248,940 Class A Ordinary Shares under the ATM program for gross proceeds of approximately $30,967,191 before deducting fees. The Company remains focused on executing its strategic initiatives and advancing its long-term business objectives.

Paranovus Plans Acquisition of Jabanero for $15M to $20M

Paranovus Entertainment Technology announced that it has entered into a non-binding Letter of Intent regarding the proposed acquisition of Jabanero, a holding company of a consumer brand focused on women's activewear and lifestyle products. Pursuant to the LOI, the Company is planning to acquire 100% of equity interest of Jabanero, and will pay an aggregate purchase price in the range of $15M and $20M, payable in cash at Closing. The final Purchase Price shall be determined following the completion of the financial, legal and business due diligence review of Jabanero and based on the parties' agreement regarding the valuation of the Jabanero. PAVS will engage an independent and qualified advisor to provide a fairness analysis and report on the consideration to be paid to the shareholders of Jabanero in the proposed acquisition.

Paranovus Entertainment Issues 14,285,715 Shares at $0.35 Each

Paranovus Entertainment announced that it has entered into a definitive agreement with a single institutional investor for a registered direct offering priced at-the-market under Nasdaq Rules of an aggregate of 14,285,715 Class A ordinary shares at a purchase price of 35c per share. The gross proceeds to the company from the offering are expected to be approximately $5M, before deducting placement agent commissions and other offering expenses. The offering is expected to close on or about March 25, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as the financial advisor for the offering.