Nova Lifestyle, Inc. ("Nova" or the "Company") (NASDAQ: NVFY), today announced that the Company has invested approximately US$5.66 million to subscribe 99.815% interest of Preamble Capital, A Series of CGF2021 LLC that will acquire 6.667% interest of a certain fund that holds an aggregate of 353,772 shares of Common Stock of Space Exploration Technologies Corp., a Texas corporation ("SpaceX"), comprising of 121,805 shares of Class A Common Stock and 231,967 shares of Class C Common Stock of SpaceX.
The investment in SpaceX represents a significant step in Nova's strategic transformation toward technology and innovation-driven sectors, including AI-driven smart living solutions.
Mr. Xiaohua Lu, Chief Executive Officer of Nova Lifestyle, stated, "This opportunity to invest in SpaceX enables us to diversify our business and holdings, all of which we believe will contribute to long-term shareholder value. Although we are not changing our core business, we are exploring investment opportunities, all of which are intended to complement—not replace—our existing operations. We remain committed to our core business in the furniture and lifestyle sector while expanding the opportunities for investment in technologies and assets."