On January 19, 2024, Connexa Sports Technologies Inc., a Delaware-incorporated company, reported entering into securities purchase agreements with three investors for a significant offering. The company agreed to issue approximately 6.99 million shares of common stock and pre-funded warrants to purchase around 75.51 million shares at $0.20 per share, totaling an investment of about $16.5 million. The pre-funded warrants, exercisable upon stockholder approval under Nasdaq rules, have a nominal exercise price of $0.00001 per share. Additionally, Connexa Sports Technologies entered into voting rights agreements with the investors, ensuring their support for resolutions that may lead to a change in control as per Nasdaq Listing Rule 5635(b) and for increasing the company's incentive plan shares by up to 20 million. Furthermore, on January 21, 2024, the company...Show More

On January 19, 2024, Connexa Sports Technologies Inc., a Delaware-incorporated company, reported entering into securities purchase agreements with three investors for a significant offering. The company agreed to issue approximately 6.99 million shares of common stock and pre-funded warrants to purchase around 75.51 million shares at $0.20 per share, totaling an investment of about $16.5 million. The pre-funded warrants, exercisable upon stockholder approval under Nasdaq rules, have a nominal exercise price of $0.00001 per share. Additionally, Connexa Sports Technologies entered into voting rights agreements with the investors, ensuring their support for resolutions that may lead to a change in control as per Nasdaq Listing Rule 5635(b) and for increasing the company's incentive plan shares by up to 20 million. Furthermore, on January 21, 2024, the company signed a consulting agreement with Smartsports LLC, which will provide consulting services in exchange for 200,000 shares of common stock. These transactions, which have not been registered under the Securities Act, imply a change of control of the company, with each investor now holding 19.99% of the issued and outstanding common stock and warrants for additional shares, following a $5.5 million cash investment by each.