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HAPP (undefined) pioneers AI-powered entertainment solutions, specializing in immersive gaming and interactive applications that blend artificial intelligence with cutting-edge user experiences. This page serves as the definitive source for official company announcements, financial updates, and technology developments.
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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.
Happiness Development Group Limited (HAPP) has announced the signing of sales agreements with trading companies to export lucidum products valued at approximately $1.2 million. This follows the earlier export of products worth $0.8 million in August 2021. Since the registration of exports in April 2020, the company has made significant progress in expanding its overseas market presence. CEO Xuezhu Wang highlighted the recognition and promising potential of their lucidum products globally, aiming to leverage cultivation technology and cost advantages for future growth.
Happiness Development Group Limited (HAPP) announced a sales agreement with Shanghai Automobile Trading Co., Ltd. to purchase 1,300 MG HS vehicles at a total price of approximately RMB104 million ($16.3 million), representing a 37% discount from the retail price. This partnership highlights the company's growing distribution capabilities in the automobile sector. CEO Xuezhu Wang expressed optimism about future expansions and collaborations with major auto manufacturers. Happiness Development operates in nutraceuticals, e-commerce, and automobile sales, aiming to optimize the automotive supply chain.
Happiness Development Group Limited (HAPP) has received a notification from Nasdaq due to its Class A ordinary shares trading below the $1.00 minimum bid price for 30 consecutive business days. The company has until May 10, 2022, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive business days. If non-compliance persists, HAPP may qualify for an additional 180 days to rectify the issue, potentially through a reverse stock split. This notification does not immediately affect the listing status.
Happiness Biotech Group Limited (NASDAQ: HAPP) will officially change its name to Happiness Development Group Limited on November 12, 2021. Additionally, authorized ordinary shares will be re-designated into Class A and Class B shares. The majority of issued shares will be Class A, while specific shares held by CEO Xuezhu Wang will become Class B. The company is focused on expanding its business in nutraceuticals, e-commerce, and auto sales, showing optimism for future growth.
Happiness Biotech Group Limited (HAPP) announced it has acquired 70% equity in Fujian Shennong Jiagu Development Co., Ltd. for approximately $16.1 million in a combination of shares and cash. Fujian Shennong, which had annual revenues exceeding $20 million from 2014 to 2019, faced COVID-19 impacts but aims to return to pre-pandemic performance. The acquisition is expected to enhance operational efficiency and profitability in Happiness Biotech's nutraceutical and dietary supplement sectors.
Happiness Biotech Group Limited (Nasdaq: HAPP) announced a significant deal with Guang'an Ruili Trading Co., Ltd for the purchase of 1,350 Bestune B30 EV 400 vehicles, totaling approximately RMB 95 million ($14.7 million). This transaction follows a successful previous collaboration with Ruili, strengthening their long-term partnership. CEO Xuezhu Wang expressed confidence in the distribution capacity after recent integration efforts, highlighting pre-sale orders for most vehicles, aiming for swift sales completion.
Happiness Biotech Group has launched its Lucidum Tablets on DouYin Mall, marking a significant milestone as the first lucidum product on this platform. With stringent regulations in China's health product market, this launch underscores the company's commitment to quality. The company anticipates a gross margin exceeding 40% and aims to expand its product line based on market demands. CEO Xuezhu Wang expressed optimism for strong sales during the upcoming gift season, highlighting the growing trend of nutritious supplements among consumers in China.
Happiness Biotech Group Limited (HAPP) reported a 9.9% revenue increase year-over-year for the fiscal year ended March 31, 2021, totaling $71.48 million. However, sales from healthcare products plummeted 30.2% to $45.39 million, attributed to COVID-19 impacts. General and administrative expenses surged 44.5% to $5.03 million. Net income dropped significantly to $691,956, or $0.03 per share, down from $12.69 million or $0.53 per share the previous year. The company is shifting focus to e-commerce and automobile sales, closing 10 experience stores due to poor performance.
