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NEW YORK - Paranovus Entertainment Technology Limited (NASDAQ: PAVS), a company specializing in AI-powered entertainment products and e-commerce solutions, has received a notification from the Nasdaq Stock Market regarding a non-compliance issue due to a delayed filing. The company's stock has faced significant pressure recently, trading near its 52-week low according to InvestingPro data, which shows substantial declines over the past three and six months. The Deficiency Letter, dated April 9, 2025, indicates that Paranovus did not submit its Form 6-K for the period ended September 30, 2024, on time, which reports interim financial information for the preceding six months.
The company has a 60-day window from the receipt of the Deficiency Letter to present a plan to regain compliance with Nasdaq's Listing Rules. If the plan is accepted, Nasdaq may allow an extension of up to 180 calendar days from the original due date of the filing, or until September 29, 2025, for Paranovus to achieve compliance.
Currently, the delayed filing does not affect the listing of Paranovus's Class A ordinary shares on the Nasdaq Capital Market. The company has communicated its intention to either complete the required filing or submit a Compliance Plan within the 60-day period provided by Nasdaq.
This announcement comes as part of Paranovus's obligation under Nasdaq Listing Rule 5810(b), which mandates prompt disclosure upon receiving a deficiency notification.
Paranovus Entertainment Technology Ltd. has recently shifted its business focus, completing the acquisition of Bomie Wookoo Inc., a New York-based company offering e-commerce solutions, in March 2025. The company has also divested from its legacy businesses in e-commerce, internet information, and advertising as of September 2023, and exited its automobile sales business in July 2024. Despite recent market challenges, InvestingPro analysis indicates the company maintains a strong balance sheet with more cash than debt, and remains profitable over the last twelve months. InvestingPro subscribers have access to 10+ additional key insights about PAVS's financial health and market position.
The information in this article is based on a press release statement from Paranovus Entertainment Technology Limited.
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