Company: PAVS
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0001929980-25-000106
Chunk: 2

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-03-03
Form: 6-K
Chunk 2
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 common stock of BW, representing 51% equity interest from BW’s stockholders for a total consideration of $22,440,000 in cash (the “Proposed Transaction”). 100% equity interests of BW as of December 31, 2024 was valued at $44,000,000 based on an independent valuation report by AVISTA Valuation Advisory Limited. Upon closing of the Proposed Transaction, the 10 existing stockholders of BW will transfer 102 shares of BW’s common stock to PAVS, PAVS will be granted the right to appoint a majority of the members of BW’s board of directors.

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BW operates through its two wholly owned subsidiaries, Bomie US LLC in New Jersey and WooKoo LLC in Texas, engaging in e-commerce business on TikTok as well as providing e-commerce solutions to customers.

This acquisition aligns with PAVS’s strategy to expand into marketing-commerce field. By securing a majority interest in BW, PAVS aims to capitalize on the growing interests demand for TikTok-driven e-commerce and related solutions.

The SPA included customary representations, warranties, and covenants by the respective parties and closing conditions, including that PAVS should obtain its shareholders approval to consummate this Proposed Transaction. Consummation of the transaction contemplated under the SPA is not subject to a financing condition.

The SPA is filed as Exhibit 10.1 to this Current Report on Form 6-K and such document is incorporated herein by reference. The foregoing is only a brief description of the material terms of the SPA, and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to such exhibit.

About BW

Business Overview

Bomie Wookoo Inc., through its wholly owned subsidiaries, Bomie US LLC (“Bomie US”) and WooKoo LLC (“Wookoo”), as an e-commerce company and also provides TikTok-related e-commerce solutions for customers.

Wookoo boosted the sales and growth of its e-commerce stores, leveraging its network in the e-commerce industry and utilizing influencer collaboration, live-streaming sales, advertising campaigns, and data-driven strategic consulting to increased visibility and engagement. BW registers online shops with TikTok and maintains the good standing of them, and lease the shops for use of its customers, to generate service fees and commission.

BW Corporate History

Bomie Wookoo Inc., formerly known as TOAO Inc, was incorporated in New York on September