HAPP - HAPP STOCK NEWS

Happiness Development Group Limited (HAPP) announced on October 25, 2022, that it has regained compliance with the NASDAQ minimum bid price requirement, closing the matter. The company was initially notified on November 11, 2021, regarding its failure to meet the $1.00 per share minimum. Following two extensions, the company achieved a closing bid price at or above the minimum for ten consecutive business days from October 11 to October 24, 2022. This compliance allows HAPP to remain listed on the NASDAQ.

Happiness Development Group Limited (HAPP) announced a 1-for-20 reverse stock split, effective October 10, 2022, following shareholder approval on October 7, 2022. The split will reduce ~66.85M Class A shares to ~3.34M and Class B shares from ~12.25M to ~612K. The company anticipates its Class A shares will trade at approximately 20 times their pre-split price, though no assurance can be made regarding future trading prices. Additionally, shareholders approved an increase in authorized shares to 350M Class A shares, 100M Class B shares, and 50M preferred shares.

Happiness Development Group Limited (HAPP) announced a strategic cooperation with Fujian Yiluba Automobile Service Consulting Co., Ltd. (168) for the purchase of up to 2,000 new energy vehicles over three years. The potential value of this agreement is around RMB200 million (about $30 million). This collaboration highlights HAPP's expanding presence in the automobile market, especially as 168 aims to enhance its operations with online ride-hailing platforms like Didi in Fujian. HAPP's CEO expressed optimism regarding increased orders and future business growth.

On May 11, 2022, Happiness Development Group Limited (HAPP) received a 180-day extension from Nasdaq to comply with the minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 per share for 10 consecutive business days by November 7, 2022. The company is considering all options, including a potential reverse stock split, to regain compliance. Despite this challenge, HAPP's shares will continue to be traded on the Nasdaq Capital Market during this period, with no immediate impact on its business operations.

Happiness Development Group Limited (HAPP) announced a donation of RMB 200,000 in anti-epidemic materials, including disinfectants, alongside RMB 30,000 worth of vegetables, to support COVID-19 efforts in Minhang District, Shanghai. CEO Xuezhu Wang expressed the company's commitment to contribute during this challenging period. The company operates in three sectors: nutraceutical and dietary supplements, e-commerce solutions, and automobile sales, focusing on enhancing the supply chain and e-commerce capabilities for small and medium-sized enterprises in China.

Happiness Development Group Limited (HAPP) has announced a registered direct placement of approximately $6.7 million through the sale of 19.2 million Class A ordinary shares at $0.35 per share. The funds will primarily support the development of its auto business, Taochejun, alongside general corporate purposes. This financing marks the second round in a year, following previous achievements and investments in Taochejun. The offering is part of an effective shelf registration statement with the SEC.

Happiness Development Group Limited (HAPP) announced a non-binding letter of intent to acquire a 10% equity interest in Kannaba Agritech Corp. for $6 million. This strategic move positions HAPP within the rapidly expanding cannabis industry, projected to reach $102 billion by 2026. Kannaba, based in Vancouver, focuses on sustainable medical marijuana cultivation and has international licenses, including in Zimbabwe. HAPP aims to leverage its expertise in herb extraction through this partnership, enhancing its market presence in the cannabis sector.

Happiness Development Group Limited (HAPP) has secured a securities purchase agreement with non-U.S. strategic investors to sell 12,500,000 Class A ordinary shares at $0.80 each, representing a 45% premium over the market price. The proceeds will fund the expansion of international e-commerce sales and general corporate needs. In 2021, the company exported $2 million worth of Lucidum products, fueling ambitions for broader international operations in 2022. The CEO expressed optimism about utilizing investors' expertise for global reach and new product development.

Happiness Development Group Limited (NASDAQ: HAPP) reported its unaudited financial results for the six months ending September 30, 2021. Revenues surged 114.3% to $46.88 million, driven by new e-commerce and automobile sales initiatives. However, the company faced a loss from operations of $10.53 million, a significant improvement from the previous year's loss of $14.22 million. The net loss attributable to shareholders was $10.05 million compared to a net income of $3.19 million in the prior period, notably affected by COVID-19-related disruptions.