Paranovus to sell 14.29M Class A shares at 35c in registered direct offering

Paranovus Entertainment (PAVS) 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.