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Connexa Sports Technologies | 8-K: Current report

SEC announcement · Jan 24 10:09

Summary by Moomoo AI

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.

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