Company: PAVS
Filing Date: 2025-11-25
Form Type: F-3
Source: 0001929980-25-000743
Chunk: 13

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-11-25
Form: F-3
Chunk 13
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 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 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.

On September 18, 2025, the Company signed a promissory note purchase agreement with Ms. Minzhu Xu. The Company issued an 8% promissory note with principal amount of $250,000 (the “Note”) to Ms. Xu on September 18, 2025, the closing date of this transaction (the “Note Offering”). The Note will mature 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 Note Offering will be used to for the general working capital purposes of the Company.

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As indicated above, the Company has entered into note purchase agreements with Ms. Xu, on May 20, 2024, September 30, 2024 and January 13, 2025, pursuant to which the Company issued three unsecured promissory notes to Ms. Xu, respectively, in an aggregate original principal amount of $1,700,000.00 (“Xu’s Notes”). In addition, the Company has entered into note purchase agreements with Mr. Guangrong Ao, on November 14, 2023, January 18, 2024, and March 12, 2024, pursuant to which the Company issued three unsecured promissory notes to Mr. Ao, respectively, in an aggregate original principal amount of $2,250,000.00 (“Ao’s Notes”, collectively with Xu’s Notes, the “Current Notes”)

On September 18, 2025, the Company and each of Mr. Ao and Ms. Xu, signed certain acknowledgments (“Acknowledgements”), pursuant to which, the parties acknowledged and agreed to amend and restate each of the Current Notes (the “Amended and Restated Notes”) such that the maturity date of each of the