PARANOVUS ENTERTAINMENT TECHNOLOGY LTD. Entry into a Material Agreement
On April 10, 2023, Paranovus Entertainment Technology Ltd. (formerly known as Happiness Development Group Limited, the "Company"), Happiness (Nanping) Biotech Co., Limited, the Company's indirect wholly owned subsidiary (the "Seller"), Fujian Happiness Biotech Co., Limited ("Fujian Happiness") and Fujian Hengda Beverage Co., Ltd, a PRC company which is not affiliate of the Company or any of its directors or officers (the "Purchaser") entered into certain share purchase agreement (the "Disposition SPA"). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Fujian Happiness in exchange for cash consideration of RMB 78 million (approximately $11.3 million, the "Purchase Price"). Upon the closing of the transaction (the "Disposition") contemplated by the Disposition SPA, the Buyer will become the sole shareholder of Fujian Happiness and as a result, assume all assets and liabilities of Fujian Happiness and subsidiaries owned or controlled by Fujian Happiness.
The Seller owns 100% of the issued shares of Fujian Happiness. Fujian Happiness owns 100% of the equity interest of Shunchang Happiness Nutraceutical Co., Ltd., 100% of the equity interests of Fujian Shennong Jiagu Development Co., Ltd., and 100% of equity interest of Fuzhou Hekangyuan Trading Co., Ltd.
The closing of the Disposition is subject to the satisfaction or waiver of certain closing conditions including the receipt of a fairness opinion from an independent firm, approval of a majority of the Company's shareholders, and all consents required to be obtained from or made with any governmental authorities.
A copy of the Disposition SPA is attached hereto as Exhibit 10.1. The foregoing description of the form of the Disposition SPA is a summary of the material terms of such agreement, and does not purport to be complete and is qualified in their entirety by reference to the Disposition SPA.
| Exhibit No. | Description | |
| 10.1 | Share Purchase Agreement, dated April 10, 2023 |
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Happiness Biotech Group Ltd. published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2023 20:07:18 UTC.
