NEW
YORK, July 23, 2024 /PRNewswire/ -- Paranovus
Entertainment Technology Limited ("PAVS" or the "Company"),
(NASDAQ: PAVS) announced today that the Company received a
notification letter from the Nasdaq Listing Qualifications Staff of
The NASDAQ Stock Market LLC ("Nasdaq") on July 17, 2024, notifying the Company that the
minimum bid price per share for its Class A ordinary shares has
been below $1.00 for a period of 30
consecutive business days and the Company therefore no longer meets
the minimum bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's Class A ordinary shares on Nasdaq. Under the
Nasdaq Listing Rules, the Company has until January 13, 2025 to regain compliance. If at any
time during such 180-day period the closing bid price of the
Company's Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days,
Nasdaq will provide the Company written confirmation of
compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
About Paranovus Entertainment Technology Limited
Paranovus Entertainment Technology Ltd. engages in the
AI-powered entertainment industry, specializing in the development
of AI-driven games and applications to deliver immersive and
engaging entertainment experiences. Our team is dedicated to
exploring new horizons and delivering exceptional value through our
AI-driven products and services.
In line with our new direction, Paranovus has executed a
strategic transition to streamline operations and concentrate on
our core competencies in the AI-powered solutions. As part of this
transition, we have suspended our e-commerce and internet
information and advertising businesses in September 2023. Effective in July 2024, we have ceased our automobile sales
business.
For more information on our latest innovations and developments,
visit https://www.pavs.ai/.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; the Company's future
acquisition opportunities; the Company's ability to identify any
acquisition opportunities that fit with our business
strategies; the Company's ability to consummate an
attractive acquisition and realize the benefits of such
transaction; product and service demand and acceptance; changes in
technology; economic conditions; reputation and brand; the impact
of competition and pricing; government regulations; fluctuations in
general economic, the COVID-19 outbreak and its impact on our
operations and assumptions underlying or related to any of the
foregoing and other risks contained in reports filed by the Company
with the U.S. Securities and Exchange Commission. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Michael Chen
929.288.7418
michael@pavs.ai
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SOURCE Paranovus Entertainment Technology Ltd.