Paranovus Entertainment Technology Limited Signs Non-Binding Letter of Intent to Acquire Jabanero Inc.

NEW YORK, NY / ACCESS Newswire / June 15, 2026 / Paranovus Entertainment Technology Ltd. (NASDAQ:PAVS) ("PAVS" or the "Company"), a consumer products and digital commerce solutions company, today announced that it has entered into a non-binding Letter of Intent ("LOI") regarding the proposed acquisition of Jabanero Inc., a holding company of a consumer brand focused on women's activewear and lifestyle products ("Jabanero").Pursuant to the LOI, the Company is planning to acquire 100% of equity interest of Jabanero, and will pay an aggregate purchase price in the range of US$15 million and US$20 million, payable in cash at Closing (the "Purchase Price"). The final Purchase Price shall be determined following the completion of the financial, legal and business due diligence review of Jabanero and based on the parties' agreement regarding the valuation of the Jabanero, as reflected in the definitive transaction documents. PAVS will engage an independent and qualified advisor to provide a fairness analysis and report on the consideration to be paid to the shareholders of Jabanero in the proposed acquisition.The parties intend to enter into good faith negotiations towards a definitive agreement governing the transaction, subject to due diligence review. The LOI contemplates that the closing of the proposed acquisition will be subject to certain customary closing conditions, including but not limited to, approval by the boards of directors of both companies and the shareholders of PAVS. The parties have agreed to an exclusivity period of up to 60 days from the date of the LOI, during which both parties will not engage in discussions or negotiations with any other party regarding a substantially similar transaction. As the transaction proceeds, PAVS will publicly disclose required information either through press releases or SEC filings, as appropriate.The proposed acquisition represents a significant milestone in the Company's strategy to expand beyond digital commerce and livestreaming operations and establish a stronger presence in proprietary brands and direct-to-consumer products.PAVS believes the proposed acquisition would create meaningful synergies with its existing social commerce capabilities and enhance its ability to drive sustainable long-term growth."As we continue to scale our digital commerce operations, we believe acquiring consumer brands represents an attractive opportunity to create long-term value and strengthen our competitive position," said Xiaoyue Zhang, Chief Executive Officer of PAVS. "The proposed acquisition would complement our existing social commerce capabilities and mark an important step in our evolution toward a more integrated consumer products and digital commerce company."The proposed transaction remains subject to the completion of due diligence, negotiation and execution of definitive agreements, receipt of required approvals and satisfaction of customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be completed.About Paranovus Entertainment Technology LimitedParanovus Entertainment Technology Ltd. (NASDAQ:PAVS) is a consumer products and digital commerce solutions company. In March 2025, the Company completed the acquisition of the controlling equity interests of Bomie Wookoo Inc., a New York company that offers e-commerce solutions. As part of its strategic transformation, Paranovus has exited its legacy businesses, including the e-commerce, internet information, and advertising businesses in September 2023 and ceased its automobile sales business in July 2024.For more information on our latest innovations and developments, visit https://www.pavs.ai/.Forward-Looking StatementsThis 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; the Company's future acquisition opportunities; the Company's ability to identify any acquisition opportunities that fit with our business strategies; the Company's ability to consummate an attractive acquisition and realize the benefits of such transaction; 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 assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. 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.For investor and media inquiries, please contact:Michael Chen929.215.4832ir@pavs.aiSOURCE: Paranovus Entertainment Technology Ltd.View the original press release on ACCESS Newswire

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