Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
April 18 2023 - 4:05PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2023
PARANOVUS ENTERTAINMENT TECHNOLOGY LTD.
(Exact name of registrant as specified in its charter)
No. 11, Dongjiao East Road, Shuangxi, Shunchang,
Nanping City
Fujian Province, People’s Republic of
China
+86-0599-782-8808
(Address of Principal Executive Office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Entry into a Material Agreement
On April 10, 2023, Paranovus
Entertainment Technology Ltd. (formerly known as Happiness Development Group Limited, the “Company”), Happiness (Nanping)
Biotech Co., Limited, the Company’s indirect wholly owned subsidiary (the “Seller”), Fujian Happiness Biotech
Co., Limited (“Fujian Happiness”) and Fujian Hengda Beverage Co., Ltd, a PRC company which is not affiliate of the
Company or any of its directors or officers (the “Purchaser”) entered into certain share purchase agreement (the “Disposition
SPA”). Pursuant to the Disposition SPA, the Purchaser agreed to purchase the Fujian Happiness in exchange for cash consideration
of RMB 78 million (approximately $11.3 million, the “Purchase Price”). Upon the closing of the transaction (the “Disposition”)
contemplated by the Disposition SPA, the Buyer will become the sole shareholder of Fujian Happiness and as a result, assume all assets
and liabilities of Fujian Happiness and subsidiaries owned or controlled by Fujian Happiness.
The Seller owns 100% of the
issued shares of Fujian Happiness. Fujian Happiness owns 100% of the equity interest of Shunchang Happiness Nutraceutical Co., Ltd., 100%
of the equity interests of Fujian Shennong Jiagu Development Co., Ltd., and 100% of equity interest of Fuzhou Hekangyuan Trading Co.,
Ltd.
The closing of the Disposition
is subject to the satisfaction or waiver of certain closing conditions including the receipt of a fairness opinion from an independent
firm, approval of a majority of the Company’s shareholders, and all consents required to be obtained from or made with any governmental
authorities.
A copy of the Disposition
SPA is attached hereto as Exhibit 10.1. The foregoing description of the form of the Disposition SPA is a summary of the material terms
of such agreement, and does not purport to be complete and is qualified in their entirety by reference to the Disposition SPA.
SIGNATURES
Pursuant to the requirements
of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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Paranovus
Entertainment Technology Ltd. |
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Date: April 18, 2023 |
By: |
/s/ Xuezhu Wang |
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Xuezhu Wang
Chief Executive Officer |
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