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HAPP - Happiness Development to raise $6.7M capital for supporting its auto business
Happiness Development Group Limited
Happiness Development (NASDAQ:HAPP) trades 20.8% down premarket after it entered into a securities purchase agreement with certain non-U.S. strategic investors for a registered direct placement of ~$6.7M. The company has agreed to sell 19.2M Class A ordinary shares at a per share purchase price of $0.35. Gross proceeds to be used for development of the company's auto business under the brand of "Taochejun" and for working capital and general corporate purposes.