Paranovus Entertainment Technology Ltd. (PAVS), on Monday announced that it signed a non-binding letter of intent to acquire equity interests of Jabanero Inc., a consumer brand focused on women's activewear and lifestyle products for about $15 million and $20 million in cash.
The proposed deal remains subject to due diligence.
The final purchase price will be determined following financial, legal, and business due diligence and the parties' agreement on Jabanero's valuation.
The proposed acquisition is expected to support Paranovus' strategy to expand beyond digital commerce and livestreaming operations and strengthen its presence in proprietary consumer brands and direct-to-consumer products.
The company said the transaction could create synergies with its existing social commerce business and support long-term growth.
In the pre-market trading, Paranovus Entertainment Technology is 187.45% higher at $0.5979 on the Nasdaq.
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