Paranovus Jumps 100% on $15–$20M Jabanero Deal and ATM Program Halt
PAVS•Paranovus Entertainment signed a non-binding letter of intent to acquire women’s activewear brand Jabanero in a $15–$20 million deal pending due diligence, expanding its direct-to-consumer portfolio. It also terminated its ATM offering after selling 39.25 million shares for about $31 million, sending shares up over 100%.
1. Letter of Intent for Jabanero Acquisition
Paranovus signed a non-binding letter of intent to acquire 100% of Jabanero’s equity in a deal valued at $15 million to $20 million subject to legal and business due diligence. The companies agreed to a 60-day exclusivity period while negotiating definitive terms to support expansion into consumer brands and direct-to-consumer products.
2. ATM Stock Offering Termination
Paranovus and AC Sunshine Securities mutually agreed to terminate the at-the-market (ATM) stock offering program originally authorized to sell up to $195 million of Class A shares. Prior to termination, the company sold approximately 39.25 million shares, generating about $31 million in gross proceeds.
3. Stock Performance and Retail Interest
Shares of Paranovus climbed more than 100% on the day of the announcements, marking the largest single-day gain since its 1-for-12 reverse stock split on March 31, 2026. Trading volume surged to over 453 million shares as retail sentiment jumped by nearly 700% on social platforms.
