Happiness Development Shares Jump 33% After Equity Modifications

Dow Jones2022-10-12

By Kathryn Hardison

Shares of Happiness Development Group Ltd. climbed 33%, to $3.22, on Wednesday after the company enacted a one-for-20 reverse share split and detailed capital changes earlier in the week.

The Nanping, China-based company said Monday that its ordinary shares would begin trading on a split-adjusted basis Tuesday.

The company's shareholders also voted to increase the company's authorized share capital to $5 million, divided into 350 million Class A ordinary shares, 100 million Class B ordinary shares and 50 million preferred shares, it said in a Tuesday filing with the U.S. Securities and Exchange Commission.

Happiness Development has three business lines: nutraceutical and dietary supplements, e-commerce and automobile sales, it said.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

October 12, 2022 11:57 ET (15:57 GMT)

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