NANPING, China, Jan. 21, 2022 /PRNewswire/ -- Happiness
Development Group Limited ("HAPP" or the "Company"), (NASDAQ:
HAPP) a China-based 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 it has entered into certain securities purchase
agreement with several non-U.S. strategic investors to sell
total 12,500,000 Class A ordinary shares at a per share purchase
price of $0.80, with over 45% premium
to the market price of its Class A ordinary shares.
The Company intends to use the gross
proceeds to expand its international e-commerce sales for
its current products and potential addition of new products
overseas as well as for working capital and general corporate
use.
"We are very grateful to these strategic investors for their
support to our international expansion, especially with a
premium price. We look forward the expertise and resources in the
international market these investors will bring to our Company. We
have successfully exported about US$2 million of Lucidum
products in 2021, which gives us great confidence to
expand our international sales. In 2022, we will further
expand and seek development and breakthroughs in international
business. At the same time, we will further increase the scope of
export products and will not rule out the possibility of
overseas acquisition or participation in planting and R&D of
new products. As a NASDAQ listed company, we will seek to further
internationalize the company and make our products accessible to
people all over the world. We believe with the contribution
of the strategic capital from investors, this
process will be greatly accelerated," Mr. Xuezhu Wang, CEO of the Company, commented.
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 Company's goals and strategies; the
Company's future business development; 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 and
business conditions in China, 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 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 Biotech Group Limited