Company: PAVS
Filing Date: 2025-08-04
Form Type: 20-F
Source: 0001929980-25-000590
Chunk: 183

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-08-04
Form: 20-F
Item: Item 18
Chunk 183
---
 The Company has retrospectively reflected the stock subdivision and cancellation in all periods presented in these financial statements.

  F-26               
  Table of Contents  

On October 25, 2019, the Company announced the closing of its initial public offering of2,000,000ordinary shares, US$0.0005 par value per share (“ Ordinary Shares”) at an offering price of $5.50per share for a total of $11,000,000in gross proceeds. The Company raised total net proceeds of $9,342,339after deducting underwriting discounts and commissions and offering expenses.

The Company entered several Securities Purchase Agreement from September 2020 through March 2021. Pursuant to which, the Company issued5,100,000ordinary shares to the purchasers with a total consideration amounted $10,965,703. The Company collected total net proceeds of $10,725,700after deducting commissions and offering expenses.

On March 15, 2021, the Company issued381,580ordinary shares to its management and employees for their service. The Company recorded compensation cost $778,423according to the fair value of the shares issued.

On June 21, 2021, the Company issued an aggregate of231,445Class A ordinary shares of the Company to certain employees and a director for their services. The total compensation cost was $351,796.

On June 25, 2021, the Company entered several Securities Purchase Agreement with non-US investors. Pursuant to which, the Company issued1,240,000Class A ordinary shares to the purchasers with a total consideration amounted $2,157,600. The Company collected total net proceeds of $2,157,600after deducting commissions and offering expenses.

On October 14, 2021, the Company issued an aggregate of113,458Class A ordinary shares of the Company to certain employees and a director for their services. The total compensation cost was $99,843.

On October 20, 2021, the Company entered into a certain equity agreement with Shennong for the purchase of70% of the equity interest of Shennong at a consideration of RMB103.0million (approximately $16.1 million). The total consideration paid for the Equity Interests are RMB48.0million (approximately $7.5 million) in cash and 4,200,000 Class A ordinary shares of the Company. The Company issued an aggregate of4,200,000ordinary shares of the Company to certain