Paranovus Terminates ATM Agreement After Raising $30.97 Million
PAVS•Paranovus Entertainment Technology terminated its sales agreement with AC Sunshine Securities effective June 14, ending its ATM offering. Under the program, the company sold 39,248,940 Class A shares for gross proceeds of $30,967,191, and no further ATM sales will occur.
1. Termination of ATM Sales Agreement
Paranovus and AC Sunshine Securities LLC mutually agreed to terminate the sales agreement and related at-the-market offering effective June 14, with no disagreements over terms, operations, financial disclosures, accounting policies or practices.
2. ATM Sales Volume and Proceeds
Prior to termination, the company sold an aggregate of 39,248,940 Class A ordinary shares under the ATM program, generating gross proceeds of approximately US$30,967,191 before deducting fees.
3. Impact on Funding and Strategy
With no further sales under the ATM program, Paranovus will need to pursue alternative financing solutions to support its strategic initiatives and long-term business objectives following the cessation of this capital-raising channel.
