Paranovus Entertainment Technology Ltd. (PAVS) shares surged 90.87 percent, gaining $0.1891 to $0.3971 on Monday after the company announced it had signed a non-binding letter of intent to acquire equity interests in Jabanero Inc., a consumer brand focused on women's activewear and lifestyle products.
The stock is currently trading at $0.3971, compared with its previous close of $0.2080 on the Nasdaq. During the session, shares opened at $0.4800 and traded between $0.3800 and $0.5198. Trading volume surged to 502.20 million shares, dramatically exceeding its average daily volume of 8.00 million shares.
The proposed transaction is valued at between $15 million and $20 million in cash and is intended to expand Paranovus beyond its digital commerce and livestreaming operations into proprietary consumer brands and direct-to-consumer products.
Paranovus shares have traded between $0.1790 and $1,488.00 over the past 52 weeks.
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