Paranovus Entertainment Technology Ltd.
(NASDAQ:PAVS) shares jumped 34.26% to $6.59 in after-hours trading Wednesday, following a Securities and Exchange Commission filing confirming Paranovus closed its acquisition of the athletic wear brand Heyviva from Jabanero Inc.
Jabanero is a New York-based consumer brand holding company that specializes in women’s activewear and lifestyle products.
Deal Structure Shifts From Original Proposal According to the SEC filing, the deal, which closed Wednesday, was structured as an asset purchase rather than the equity acquisition originally proposed in a June letter of intent.
The transaction carries a $33 million aggregate price tag, payable in staged cash installments tied to transfer milestones for trademarks, domains and other assets.
