Happiness Biotech Group Ltd (NASDAQ:HAPP) is the notable gainer in the pre-market as investors are reacting positively to the company’s agreement.
Major Trigger:
Happiness Biotech Signed Agreement To Distribute Volkswagen Electric Vehicles
Key Highlights:
- announced today that Taochejun (Fujian) Automobile Distribution Co., Ltd. (“Taochejun”), a subsidiary of the Company in China, has signed an agreement with Guang’an Ruili Trading Co., Ltd (“Ruili”) to jointly purchase and sell 1213 Volkswagen electric vehicles.
- According to the agreement, Taochejun and Ruili will jointly purchase 1213 pure electric vehicle “e-Bora”, with a total consideration of RMB90.12 million (approximately $14.10 million). Ruili is a large auto trading company in Sichuan Province, China, which has a wide range of business relationships and social resources in Sichuan.
“We are very happy to work with Ruili on this transaction. As a newly established brand, Taochejun has achieved rapid development through cooperation with large auto trading groups such as Geely Technology Group Co., Ltd. (“Geely”) and Ruili. With the help of Ruili, we got more than 1000 Volkswagen pure electric vehicles at a very friendly price, which not only gives an actual discount to the users of Taochejun , but also further strengthens the ability of Taochejun to obtain high-quality vehicles and attract more customers in the future,” said Mr. Xuezhu Wang, CEO of the Company.
Market Reaction
As of 8:26, HAPP stock jumped 6% to $1.76 with 302K shares traded hands.
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