Happiness Development Group Limited (HAPP) shares surged 6.89% in after-hours on Friday, January 21, 2022, and closed the daily trading at $0.45. However, in the regular trading session of Friday, HAPP’s stock lost 18.21%. HAPP shares have fallen 78.52% over the last 12 months, and they have moved down 24.82% in the past week. Over the past three months, the stock has lost 54.19%, while over the past six months, it has plummeted 70.76%.
Let’s have a brief look at its recent news and developments.
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HAPP common stock offer
On January 21, 2022, Happiness Development Group Limited (HAPP) entered into a certain securities purchase agreement with several non-U.S. strategic investors to sell a total of 12,500,000 Class A ordinary shares at a per-share purchase price of $0.80, with over 45% premium to the market price of its Class A ordinary shares.
The Company will use net proceeds to expand its international e-commerce sales for its current products and will add two new products overseas as well as for working capital and general corporate use.
HAPP latest financial results
On January 6, 2022, Happiness Development Group Limited (HAPP) reported its unaudited financial results for the six months ended September 30, 2021.
Six-month financial highlights
- HAPP reported revenue of $46.88 million for the six months ended September 30, 2021, compared to $21.88 million for the six months ended September 30, 2020.
- The cost of revenue was $41.2 million for the first six months of 2021 compared to $12.3 million in the same period of 2020.
- Total operating expenses were $16.2 million for the first six months of 2021 compared to $5.88 million in the same period of 2020.
- It suffered a net loss of $10.05 million in the six months ended September 30, 2021, compared to a net income of $3.19 million in the comparative period of 2020.
- As of September 30, 2021, the company had cash and cash equivalents of $45,710,044.
HAPP lucidum sales agreement
On December 6, 2021, Happiness Development Group Limited (HAPP) signed sales of goods agreements with several trading companies to export its lucidum products with a total value of approximately $1.2 million to the overseas market.
At this moment, CEO Mr. Xuezhu Wang said that the first patch of lucidum products of approximately $0.8 million has been exported in August this year, and this time we have signed the agreements for the trading companies to export approximately $1.2 million worth of our lucidum products.
Well, in our opinion, the recent stock selling was the reason behind its plummeting in the regular trading on Friday but we had no reason for its gains in the after-hours on Friday. We hope that it will continue its momentum on Monday as well.