- Happiness Development Group Ltd HAPP has signed an equity transfer agreement to acquire 100% of the equity interest in healthcare product distributor Fuzhou Hekangyuan Trading Co Ltd.
- The company expects the acquisition of Hekangyuan to strengthen its distribution network. Hekangyuan generated revenue of $17.6 million, with about $0.79 million in net income in 2021.
- The valuation of Hekangyuan is pegged at $12 million. The company will issue 10 million class A ordinary shares to the shareholders of Hekangyuan in addition to $8 million cash.
- Happiness held $45.7 million in cash and equivalents as of September 30, 2021.
- Price Action: HAPP shares are trading higher by 3.18% at $0.38 in premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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