Business
Happiness Biotech Announces $2.16 Million Registered Direct Offering To Strategic Investors
NANPING, China, June 25, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and
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[{"type":"text","content":"NANPING, China, June 25, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the \"Company\" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that it has entered into a securities purchase agreement with certain non-U.S. strategic investors for a registered direct placement of approximately $2.16 million, pursuant to which the Company agreed to sell 1.24 million ordinary shares at a per share purchase price of $1.74, 7.4% premium to the closing price of June 24, 2021. \nHappiness Biotech intends to use the gross proceeds in the development of the Company's auto business under the brand of \"Taochejun\" and for working capital and general corporate purposes.\nThis offering is being made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-250026) previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") and declared effective on November 23, 2020. A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. \n\"Since the launch of \"Taochejun\", it has reached substantial cooperation with major distributors and car manufacturers such as Ruili and Maple Auto, and has delivered good sales performance. Investment means commitment. This round of financing is mainly for investors with rich resources in the auto industry. In addition to capital raising from the strategic investors, we also appreciate the business opportunities with relevant players in the industry that they can bring for the future development of Taochejun\" said Mr. Xuezhu Wang, CEO of the Company.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Happiness Biotech Group Limited\nHeadquartered in Nanping, China, Happiness Biotech Group Limited is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The...