Paranovus Entertainment Technology Ltd. (NasdaqCM:PAVS) entered into a share purchase agreement to acquire 51% of the majority stake in Bomie Wookoo Inc. from its 10 existing shareholders for $22.4 million on February 28, 2025. As part of consideration, a cash of $22.4 million is paid by Paranovus Entertainment Technology to Bomie Wookoo Inc. Upon closing of the Proposed Transaction, the 10 existing stockholders of BW will transfer 102 shares of BW?s common stock to PAVS for a per share purchase price of $0.22 million.

The board of directors of Paranovus Entertainment Technology unanimously approved the transaction. The transaction is expected to occur on or about March 31, 2025, receipt of the required approval by Shareholders of PAVS and Bomie Wookoo shareholders. On March 24, 2025, the transaction is approved by the Paranovus Entertainment Technology's shareholders.

Joan Wu of Hunter Taubman Fischer & Li LLC acted as a legal counsel to Paranovus Entertainment Technology.

Paranovus Entertainment Technology Ltd. (NasdaqCM:PAVS) completed the acquisition of 51% of the majority stake Bomie Wookoo Inc. from its 10 existing shareholders on March 25, 2025. On March 28, 2025, the Company withdrew a portion of its short-term investments amounted to $22.4 million, and used the fund to pay for the cash consideration as contemplated in the SPA with BW.