NEW
YORK, Dec. 31, 2024 /PRNewswire/
-- Paranovus Entertainment Technology Limited ("PAVS" or the
"Company"), (NASDAQ: PAVS) announced today that it received a
formal notification from the Nasdaq Stock Market LLC ("Nasdaq")
that the Company has regained compliance with Nasdaq Listing Rule
5550(a)(2), which requires the Company's Class A ordinary shares
("Ordinary Shares") to maintain a minimum bid price of $1.00 per share.
The Nasdaq staff made this determination of compliance after the
closing bid price of the Company's Ordinary Shares has been at
$1.00 per share or greater for the
last 10 consecutive business days from December 13, 2024, to December 30, 2024. Accordingly, the Company has
regained compliance with Nasdaq Listing Rule 5550(a)(2) and this
bid price deficiency matter is now closed.
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.
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SOURCE Paranovus Entertainment Technology Ltd.