Happiness Biotech Group Limited (HAPP) stock announced a $2.16 million registered direct offering to strategic investors after which the stock price saw a drop of 2.78% to drop at $1.57a share at the time of this writing. At the previous closing, the stock was gloomy with a 0.61% loss. Let’s deep dive to explore more of it.
Happiness Biotech Group Limited is the nutraceutical and dietary supplement producer in the People’s Republic of China. Happiness stock signed the securities purchase agreement with certain U.S investors according to which HAPP stock will sell 1.24 million ordinary shares to the strategic investors at a purchase price of $1.74 which represents a premium of 7.4% to the closing price of June 24, 2021. HAPP stock is planning to use the net proceeds resulting from this offering in the development of its business under the brand Taochejun. Part of the net proceeds will be used for the working capital as well as general corporate purposes.
Happy Buy International: eCommerce Platform
On June 18, 2021, HAPP stock launched the beta version of the official site Happy Buy International that is mainly intended to promote HAPP’s cross-border eCommerce SaaS services. The COVID-19 pandemic has affected every business and many businesses were shifted from offline to online. The global economy has suffered a lot. Considering these facts, the HAPP stock decided to launch its official Happy Buy International site. TikTok will be used as the main social media platform for the promotion of the newly launched eCommerce site.
Suppliers can make profits via selling their products in HAPP’s ecommerce platform via promoting their products through self-made videos and graphic content. Moreover, marketers can make sales reward by promoting the products to consumers via various marketing campaigns.
Agreement with Guang’an Ruili:
On June 14, 2021, HAPP stock did entered into the agreement with Guang’an Ruili Trading Co., Ltd for joint purchasing and selling of 1213 Volkswagen electric vehicles.1213 pure electric vehicle “e-Bora” will be jointly purchased by Taochejun and Ruili with approximately $14.10 million consideration.
The announcement of a $2.16 million registered direct offering is the obvious reason of the falling HAPP stock today. The management is keen to follow the latest trends in business for growth and signed many agreements recently.