At last check, Happiness Biotech Group Limited (HAPP) was up 8.50% to trade at $1.06 in pre-market. HAPP stock lost -0.85% to close Wednesday’s session at $0.98. HAPP stock volume was 0.52 million shares, which was higher than the average daily volume of 0.37 million shares over the past 50 days.
Top 5 Tech Stocks to Buy in 2024
Don't let the chaos of rising interest rates, potential recession, tighter credit issues, higher oil prices, and incessant geopolitical issues chase you from the markets. Instead, just wait it out. With too much fear in the market, go bargain hunting with tech stocks. We have complied a report with the five of the best ways to profit within this industry.
"Top 5 AI Stocks to Buy in 2024."
Click here to sign up for our free report & newsletter, plus bonus offer "Elon Musk just Tiggered a BOOM in These Stocks"
Sponsored
Over the last 12 months, HAPP shares have fallen by -43.85%, while they have gained 7.99% over the past week. HAPP’s stock has lost -33.08% over the past three months, while it has lost -44.49% over the past six months. Currently, HAPP’s market cap is $32.35 million, and its outstanding shares are 27.28 million. HAPP stock rose in response to a recent asset acquisition..
HAPP has been buying what?
Settled in Nanping, China, Happiness Biotech presently has three business lines: nutraceutical and dietary enhancements, web based business and car deals. The nourishment and dietary enhancements business of HAPP is focusing on the exploration, advancement, assembling and promoting of different items produced using Chinese home grown concentrates and different fixings.
HAPP’s e-commerce business centers on offering online business arrangements, including publicizing and data innovation administrations to small and medium-sized enterprises in China. Auto deals fragment of HAPP embraces the B2B plan of action and is focused on improving the auto inventory network by associating vehicle sellers on its web-based car deals stage and offering the general administrations for buying autos.
Happiness Biotech this week reported that it and its entirely possessed auxiliary, Fujian Happiness Biotech Co., Limited (“Happiness Fujian”) have consented to a share exchange arrangement (the “agreement”). To further strengthen HAPP’s industrial integration, the agreement was endorsed to acquire 70% of Fujian Shennong Jiagu Development Co., Ltd. (“Fujian Shennong”).
Upon agreement, the value of Fujian Shennong is about RMB103 million (about $16.1 million). A certain equity owner of Fujian Shennong (the “Seller”) will receive 4.2 million shares from HAPP and receive a cash payment of RMB48 million (approximately $7.5 million) in exchange for 70 percent of Fujian Shennong. If Fujian Shennong does not achieve a combined net profit of RMB 45 million (approximately $7.04 million) over the next three fiscal years, HAPP and its subsidiary can require the Seller to purchase back the equity interests of Fujian Shennong.
What prompted HAPP to acquire those assets?
Following a lengthy negotiation with Fujian Shennong, Happiness Biotech (HAPP) has been impressed by Shennong’s trading and supply chain capabilities after conducting an in-depth due diligence and audit of the company. The capabilities of Fujian Shennong are particularly advantageous for HAPP’s business in nutraceuticals and dietary supplements and e-commerce.
