PAVS Announces Termination of the Sales Agreement for its At-the-Market Offering with AC Sunshine Securities

NEW YORK CITY, NY / ACCESS Newswire / June 15, 2026 / PAVS (NASDAQ:PAVS) (the "Company"), a consumer products and digital commerce solutions company, today announced that it and AC Sunshine Securities LLC ("ACSS") have mutually agreed to terminate the sales agreement entered into on June 4, 2026 (the "Sales Agreement"), and the related at-the-market ("ATM") offering arrangement, effective on June 14, 2026.

The termination of the Sales Agreement and the ATM offering was made by mutual agreement of the parties and was not the result of any disagreement between the Company and ACSS regarding the terms of the Sales Agreement, the Company's operations, financial disclosures, accounting policies, or practices. As a result of the termination, no further sales of the Company's Class A ordinary shares, par value $0.000012 each (the "Class A Ordinary Shares"), will be made pursuant to the ATM and the Sales Agreement. Prior to the termination, the Company had sold an aggregate of 39,248,940 Class A Ordinary Shares under the ATM program for gross proceeds of approximately US$30,967,191 before deducting fees.

The Company remains focused on executing its strategic initiatives and advancing its long-term business objectives.

About Paranovus Entertainment Technology Limited

Paranovus 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 Statements

This 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 Chen
929.215.4832
ir@pavs.ai

SOURCE: Paranovus Entertainment Technology Ltd.