InvestmentJun 16, 2026, 04:21 PM
Paranovus Entertainment Closes $10M Registered Direct Offering
AI Summary
Paranovus Entertainment Technology Ltd. announced the closing of its registered direct offering, generating approximately $10 million in gross proceeds. The offering involved the sale of 9,300,000 Class A ordinary shares at $0.20 per share and pre-funded warrants to purchase 40,700,000 Class A Ordinary Shares at $0.1999 per warrant. The company intends to use the net proceeds for working capital and general corporate purposes. Additionally, directors, officers, and significant shareholders entered into 45-day lock-up agreements.
Key Highlights
- Paranovus Entertainment closed a registered direct offering, raising approximately $10 million in gross proceeds.
- The offering included 9,300,000 Class A ordinary shares at $0.20 per share.
- It also included pre-funded warrants to purchase 40,700,000 Class A Ordinary Shares at $0.1999 per warrant.
- The pre-funded warrants are immediately exercisable at $0.0001 per share.
- A.G.P./Alliance Global Partners received a 7% cash fee of gross proceeds as financial advisor.
- Directors, officers, and >10% shareholders entered 45-day lock-up agreements.
- Net proceeds will be used for working capital and general corporate purposes.
Price Impact
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