NANPING, China,
March 11, 2022
/PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the
"Company"), (NASDAQ: HAPP) an emerging and diversified company
engaging in the business of production of nutraceutical and dietary
supplements, providing e-commerce sales and e-commerce marketing
solutions, and the sales of automobile today
announced that it has entered into a securities purchase
agreement with certain non-U.S. strategic investors for a
registered direct placement of approximately $6.7 million, pursuant to which the Company
agreed to sell 19.2 million Class A ordinary shares at a per share
purchase price of $0.35.
The Company intends to use the gross proceeds in the development
of the Company's auto business under the brand of "Taochejun" and
for working capital and general corporate purposes.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-250026) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective on November 23,
2020. A prospectus supplement describing the terms of the
proposed offering will be filed with the SEC and will be available
on the SEC's website located at http://www.sec.gov.
"We are glad to announce the second round of financing for
Taochejun during the past year. Taochejun has made great
achievements in the past year, especially after the last round of
financing in June 2021. With the
contribution from our strategic investors, Taochejun has made
exciting progress in the development of various businesses. We are
confident that this round of a larger financing will not only bring
us more resources in the auto industry, but will also further
accelerate the development of Taochejun," said Mr. Xuezhu Wang, CEO of the Company.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
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 occurrence of any event, change or other
circumstances that could give rise to the terms of the Agreement
not hereafter being memorialized in a definitive agreement; the
outcome of any legal proceedings that have been, or will be,
instituted against the Company or other parties to the Agreement
following announcement of the Agreement and transactions
contemplated therein; the inability to complete the transactions
contemplated by the Agreement due to unsatisfied closing
conditions; risks that the proposed transaction disrupts current
plans and operations as a result of the announcement of the
Agreement and consummation of the transaction described therein;
costs related to the proposed transactions contemplated by the
Agreement; changes in applicable laws or regulations; and other
risks and uncertainties described herein, as well as those risks
and uncertainties contained in reports filed by the Company with
the 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.
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SOURCE Happiness Development Group Limited