India, June 15 -- Paranovus Entertainment Technology Ltd. (PAVS) shares surged 90.87 percent, gaining $0.1891 to $0.3971 on Monday after the company announced it had signed a non-binding letter of intent to acquire equity interests in Jabanero Inc., a consumer brand focused on women's activewear and lifestyle products.
The stock is currently trading at $0.3971, compared with its previous close of $0.2080 on the Nasdaq. During the session, shares opened at $0.4800 and traded between $0.3800 and $0.5198. Trading volume surged to 502.20 million shares, dramatically exceeding its average daily volume of 8.00 million shares.
The proposed transaction is valued at between $15 million and $20 million in cash and is intended to expand Paranovus be...