Business
Happiness Biotech Announces Registered Direct Offering of up to 4.2 Million Ordinary Shares to Strategic Investors
NANPING, China, Jan. 4, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and
About this update from Paranovus Entertainment Technology Ltd.
[{"type":"text","content":"NANPING, China, Jan. 4, 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. The Company expects to issue up to 4,200,000 ordinary shares in multiple installments and the purchase price will be the volume-weighted average trading price of the ordinary shares for the consecutive five trading days immediately prior to the date when the Company delivers a notice of purchase to the investors. If the Company offers the entire 4.2 million shares, assuming the ordinary share trades at the current level, the expected gross proceeds of the offering will be approximately $7 million.\nThe Company expects to use the proceeds to further develop and expand the business carried out by its wholly-owned subsidiary in China, Happy Buy (Fujian) Internet Technology Co., Limited, including social e-commerce, content e-commerce, e-commerce livestreaming and marketing on social media such as TikTok, etc., 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. \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.\n\"We are glad that more strategic investors have seen the value and potential of Happy Buy. These investors have extensive experience investing in the e-commerce industry. This transaction not only brings more capital for the Company, but also brings more recognition in the e-commerce industry for Happy Buy. We believe that with this financing, Happy Buy will achieve faster growth and continue the strong mo...