Company: PAVS
Filing Date: 2025-08-04
Form Type: 20-F
Source: 0001929980-25-000590
Chunk: 127

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-08-04
Form: 20-F
Item: Item 10
Chunk 127
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 two transactions. Each note matures in 12 months after its issuance and can be pre-paid in part or in whole by the Company prior to its maturity date. The proceeds from the two note offerings were used for the general working capital purposes of the Company.

These note offerings were each unanimously approved by the audit committee of the Board of the Company consisting only of independent directors.

The copies of the purchase agreements and the notes are respectively attached as Exhibits 10.1 and 10.2 to the Current Report on Form 6-K filed on October 3, 2024 and January 17, 2025, and such documents are incorporated herein by reference.

Securities Purchase Agreement with Non-U. S. Persons

On July 17, 2024, in connection with the Company’s strategic transition to streamline its operations and to concentrate in our core competencies in providing AI-powered solutions, the Company entered into a certain securities purchase agreement with certain non-U. S. investors, pursuant to which the Company agreed to sell up to 60,000,000 Class A Ordinary Shares at a per share purchase price of $0.45.

Upon satisfying all closing conditions, this offering was consummated on August 7, 2024. The Company issued a total of 60,000,000 restricted Class A Ordinary Shares to the investors. The form of the SPA was filed as Exhibit 10.1 to the Current Report on Form 6-K filed on July 23, 2024 and such document are incorporated herein by reference. The gross proceeds to the Company are approximately $27,000,000, before deducting any fees or expenses. The Company used $22,400,000 from the proceeds to fund the acquisition of 51% of outstanding shares of Bomie Wookoo Inc.

Note Purchase Agreement with Guangrong Ao

On April 3, 2025 and May 30, 2025, respectively, the Company signed two promissory note purchase agreements with Mr. Guangrong Ao, who is a non-affiliated shareholder of the Company with less than 1% of the total voting power of the Company. Pursuant to these purchase agreements, the Company issued to Mr. Ao two 8% promissory note with principal amount of $200,000 each on April 3, 2025 and on May 30, 2025, which were the respective closing dates of the two transactions. Each note matures in 12 months after its issuance and can be pre-paid in