Paranovus Entertainment Technology Limited Announces Receipt of a Bid Deficiency Notice from Nasdaq

NEW YORK, July 23, 2024 /PRNewswire/ — Paranovus Entertainment Technology Limited (“PAVS” or the “Company”), (NASDAQ: PAVS) announced today that the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) on July 17, 2024, notifying the Company that the minimum bid price per share for its Class A ordinary shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2).

The notification received has no immediate effect on the listing of the Company’s Class A ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the Company has until January 13, 2025 to regain compliance. If at any time during such 180-day period the closing bid price of the Company’s Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.

If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

About Paranovus Entertainment Technology Limited

Paranovus Entertainment Technology Ltd. engages in the AI-powered entertainment industry, specializing in the development of AI-driven games and applications to deliver immersive and engaging entertainment experiences. Our team is dedicated to exploring new horizons and delivering exceptional value through our AI-driven products and services.

In line with our new direction, Paranovus has executed a strategic transition to streamline operations and concentrate on our core competencies in the AI-powered solutions. As part of this transition, we have suspended our e-commerce and internet information and advertising businesses in September 2023. Effective in July 2024, we have ceased our automobile sales business.

For more information on our latest innovations and developments, visit https://www.pavs.ai/.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; the Company’s future acquisition opportunities; the Company’s ability to identify any acquisition opportunities that fit with our business strategies; the Company’s ability to consummate an attractive acquisition and realize the benefits of such transaction; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For investor and media inquiries, please contact:

Michael Chen

929.288.7418

[email protected]

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