Core Viewpoint - Paranovus Entertainment Technology Limited has received a deficiency letter from Nasdaq due to non-compliance with filing requirements, specifically for not timely submitting its Form 6-K for the period ended September 30, 2024 [1][2]. Group 1: Compliance and Regulatory Actions - The company has 60 calendar days from the date of the deficiency letter to submit a Compliance Plan to regain compliance with Nasdaq Listing Rules [2]. - If the Compliance Plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the filing's due date, allowing until September 29, 2025, for the company to regain compliance [2]. - The deficiency letter does not have an immediate impact on the listing of the company's Class A ordinary shares on the Nasdaq Capital Market [3]. Group 2: Company Overview and Strategic Developments - Paranovus focuses on developing AI-powered entertainment products, including AI-driven games and TikTok-related e-commerce solutions through its subsidiary [4]. - In March 2025, the company completed the acquisition of controlling equity interests in Bomie Wookoo Inc., which offers e-commerce solutions, as part of its strategic transformation [5]. - The company has exited its legacy businesses, including e-commerce, internet information, and advertising in September 2023, and ceased its automobile sales business in July 2024 [5].
Paranovus Entertainment Technology Limited Received Nasdaq Notification Letter Related to Late Filing of Form 6-K Reporting Interim Financial Information