Paranovus Entertainment Technology Limited Received Nasdaq Notification Letter Related to Late Filing of Form 6-K Reporting Interim Financial Information

Rhea-AI Summary

Paranovus Entertainment Technology (NASDAQ: PAVS) has received a notification from Nasdaq on April 9, 2025, regarding its non-compliance with listing requirements. The company failed to file its Form 6-K for the period ended September 30, 2024, which should contain interim financial information for the six-month period.

PAVS has been given 60 calendar days to submit a compliance plan to Nasdaq. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the original filing due date, until September 29, 2025, to regain compliance. The company plans to either file the required Form 6-K or submit a compliance plan within the 60-day window.

The notification currently has no immediate impact on PAVS's listing status on the Nasdaq Capital Market.

Positive

• Company granted 60-day period to submit compliance plan
• Possibility of obtaining 180-day extension to resolve the issue
• No immediate impact on Nasdaq listing status

Negative

• Failed to file mandatory Form 6-K financial report on time
• Non-compliance with Nasdaq listing requirements
• Risk of potential delisting if compliance is not achieved within the extended deadline

NEW YORK, April 10, 2025 /PRNewswire/ -- Paranovus Entertainment Technology Limited ("PAVS" or the "Company"), (NASDAQ: PAVS) announced today that it has received a letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated April 9, 2025 (the "Deficiency Letter"), notifying the Company that it is not in compliance with the requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(2) because it did not timely file its Form 6-K (the "Filing") for the period ended September 30, 2024, reporting interim financial information for the six-month period there ended.

In accordance with Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Deficiency Letter to submit a plan to regain compliance with Nasdaq Listing Rules (the "Compliance Plan"). If Nasdaq accepts the Compliance Plan, Nasdaq may grant the Company an exception of up to 180 calendar days from the Filing's due date, or until September 29, 2025, to regain compliance. The Company intends either to file the required Filing or submit the Compliance Plan within the prescribed 60-day period.

The Deficiency Letter has no immediate impact on the listing of the Company's Class A ordinary shares on the Nasdaq Capital Market.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Paranovus Entertainment Technology Limited

Paranovus Entertainment Technology Ltd. focuses on the development of AI-powered entertainment products, including AI-driven games and applications, as well as TikTok-related e-commerce solutions through its subsidiary. The Company is committed to delivering immersive and engaging experiences through innovative AI and digital commerce platforms.

In March 2025, the Company completed the acquisition of the controlling equity interests of Bomie Wookoo Inc., a New York company that offers e-commerce solutions. As part of its strategic transformation, Paranovus has exited its legacy businesses, including the e-commerce, internet information, and advertising businesses in September 2023 and ceased its automobile sales business in July 2024.

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.

View original content:https://www.prnewswire.com/news-releases/paranovus-entertainment-technology-limited-received-nasdaq-notification-letter-related-to-late-filing-of-form-6-k-reporting-interim-financial-information-302426093.html

SOURCE Paranovus Entertainment Technology Ltd.

FAQ

What is the deadline for PAVS to submit its compliance plan to Nasdaq?

PAVS has 60 calendar days from April 9, 2025, to submit its compliance plan to Nasdaq.

What caused PAVS to receive the Nasdaq deficiency notice?

PAVS received the notice for failing to timely file its Form 6-K with interim financial information for the period ended September 30, 2024.

Will PAVS be immediately delisted from Nasdaq due to this notification?

No, the deficiency letter has no immediate impact on PAVS's listing status on the Nasdaq Capital Market.

What is the maximum extension period PAVS could receive to regain compliance?

If Nasdaq accepts the compliance plan, PAVS could receive up to 180 calendar days, until September 29, 2025, to regain compliance.