Business
Happiness Development Granted Extension to Meet Nasdaq Minimum Bid Price Requirement
NANPING, China, May 16, 2022 /PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the "Company"), (NASDAQ: HAPP) an emerging and diversified company
About this update from Paranovus Entertainment Technology Ltd.
[{"type":"text","content":"NANPING, China, May 16, 2022 /PRNewswire/ -- Happiness Development Group Limited (\"HAPP\" or the \"Company\"), (NASDAQ: HAPP) an emerging and diversified company engaging in the business of production and sale of nutraceutical and dietary supplements, of e-commerce and providing marketing solutions, and of the sales of automobile, today announced that on May 11, 2022, the Company received a written notification from the Nasdaq's Listing Qualifications Department, granting the Company another 180 calendar days extension, or until November 7, 2022, to regain compliance with Nasdaq's minimum bid price requirement.\nThe Company can cure this deficiency if the closing bid price of its Class A ordinary shares is $1.00 per share or higher for at least 10 consecutive business days during this second compliance period. The Company intends to regain compliance with the minimum bid price requirement on or before November 7, 2022 and is considering all available options, including a reverse stock split if necessary. During this time, the Company's Class A ordinary shares will continue to be listed and traded on the Nasdaq Capital Market, and this notice will have no effect on the operations of the Company's business.\nAbout Happiness Development Group Limited\nHeadquartered in Nanping, China, Happiness Development Group Limited currently has three business lines: nutraceutical and dietary supplements, e-commerce and marketing solutions, and automobile sales. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Our e-commerce business focuses on offering e-commerce solutions, including advertising and information technology services to small and medium-sized enterprises in China. We also run our online stores which carries our products of dietary supplements and other selected products sourced from the small and medium-sized enterprises in China. Our mission for the e-commerce business is to enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. Our automobile sales adopts B2B business model and is committed to optimizing the automobile supply chain by offering standardized vehicle sources on our automobile online sales platform and providing secure transacti...