PAVS terminates at-the-market offering agreement

Paranovus Entertainment Technology Limited (NASDAQ: PAVS) announced that it and AC Sunshine Securities LLC have mutually agreed to terminate their sales agreement for an at-the-market offering, effective June 14, 2026.

The consumer products and digital commerce solutions company entered into the sales agreement with AC Sunshine Securities on June 4, 2026. The termination was made by mutual agreement and was not the result of any disagreement between the parties regarding the agreement's terms, the company's operations, financial disclosures, accounting policies, or practices.

Prior to the termination, PAVS sold 39,248,940 Class A ordinary shares under the at-the-market program for gross proceeds of approximately $30,967,191 before deducting fees. No further sales of Class A ordinary shares will be made pursuant to the terminated agreement.

PAVS completed the acquisition of controlling equity interests of Bomie Wookoo Inc., a New York e-commerce solutions company, in March 2025. The company has undergone strategic transformation, exiting its legacy businesses including e-commerce, internet information, and advertising businesses in September 2023, and ceasing its automobile sales business in July 2024.

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