NANPING, China, Jan. 4, 2021 /PRNewswire/ -- Happiness Biotech
Group Limited (the "Company" or Nasdaq: HAPP), an innovative
China-based nutraceutical and
dietary supplements producer, announced today that it has entered
into a securities purchase agreement with certain non-U.S.
strategic investors for a registered direct placement. The Company
expects to issue up to 4,200,000 ordinary shares in multiple
installments and the purchase price will be the volume-weighted
average trading price of the ordinary shares for the consecutive
five trading days immediately prior to the date when the Company
delivers a notice of purchase to the investors. If the Company offers the entire 4.2 million
shares, assuming the ordinary share trades at the current level,
the expected gross proceeds of the offering will be approximately
$7 million.
The Company expects to use the proceeds to further develop and
expand the business carried out by its wholly-owned subsidiary in
China, Happy Buy (Fujian) Internet Technology Co., Limited,
including social e-commerce, content e-commerce, e-commerce
livestreaming and marketing on social media such as TikTok, etc.,
and for working capital and general corporate purposes.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-250026) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective on November 23,
2020. A prospectus supplement describing the terms of the
proposed offering will be filed with the SEC and will be available
on the SEC's website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
"We are glad that more strategic investors have seen the value
and potential of Happy Buy. These investors have extensive
experience investing in the e-commerce industry. This transaction
not only brings more capital for the Company, but also brings more
recognition in the e-commerce industry for Happy Buy. We believe
that with this financing, Happy Buy will achieve faster growth and
continue the strong momentum," said Mr. Xuezhu Wang, CEO of the Company.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited is an
innovative China-based
nutraceutical and dietary supplements producer focused on the
research, development, manufacturing and marketing of a variety of
products made from Chinese herbal extracts and other ingredients.
The Company's goal is to provide high-quality products to our
consumers. Over the past 14 years, the Company has established a
product portfolio consisting of 32 PRC National Medical Products
Administration registered "Blue-Cap" SKUs of nutraceutical and
dietary supplements products. For more information, please
visit: www.happ.org.cn.
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; 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 and
business conditions in China, 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 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.
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SOURCE Happiness Biotech Group Limited