PAVS News & Events

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.

Paranovus Entertainment announced that on January 6, it received notification from the Nasdaq Office of General Counsel stating that the company had regained compliance with the bid price requirement as set forth in Listing Rule 5550(a)(2) and that company is therefore in compliance with the Nasdaq Capital Market's listing requirements. As a result, the scheduled hearing before the Hearings Panel on January 29 had been canceled and the matter was closed. The company's Class A ordinary shares will continue to be listed and traded on The Nasdaq Capital Market under the ticker "PAVS."

Paranovus Entertainment announced that the company received a letter from Nasdaq, notifying the company that the Nasdaq staff has determined to delist the company's Class A ordinary shares from Nasdaq because the company failed to comply with the Nasdaq Listing Rule 5810. The trading of the company's Class A ordinary shares will be suspended at the opening of business on December 29 unless the company duly requests an appeal of this determination.