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Paranovus Entertainment Technology Limited Announces Pricing of $5 Million Registered Direct Offering At-The-Market Under NASDAQ Rules
NEW YORK, March 24, 2026 /PRNewswire/ -- Paranovus Entertainment Technology Limited (NASDAQ: PAVS) today announced that it has entered into a definitive
About this update from Paranovus Entertainment Technology Ltd.
[{"type":"text","content":"NEW YORK, March 24, 2026 /PRNewswire/ -- Paranovus Entertainment Technology Limited (NASDAQ: PAVS) today 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 (or Class A ordinary share equivalents in lieu thereof) at a purchase price of $0.35 per share. The gross proceeds to the Company from the offering are expected to be approximately $5 million, before deducting placement agent commissions and other offering expenses.\nThe offering is expected to close on or about March 25, 2026, subject to the satisfaction of customary closing conditions.The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.A.G.P./Alliance Global Partners is acting as the financial advisor for the offering.The Class A ordinary shares (or Class A ordinary shares equivalents in lieu thereof) are being offered and sold pursuant to a prospectus supplement to be filed with the Securities and Exchange Commission (\"SEC\") in connection with a takedown from the Company's shelf registration statement on Form F-3 (File No. 333-291788), which was declared effective by the Securities and Exchange Commission (\"SEC\") on December 3, 2025. The offering is being made only by means of a prospectus supplement and accompanying prospectus which are a part of the effective registration statement. The warrants will be issued in a concurrent private placement. A prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Additionally, when available, electronic copies of the prospectus supplement and the accompanying prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected]. The private placement of the warrants and the ordinary shares underlying the warrants offered to the institutional investor(s) will be made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Securities Act\"), and Regulation D promulgated thereunder. Accordingly, the ...