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Connexa Sports Technologies | 8-K: Current report

SEC announcement ·  Mar 21 08:46
Summary by Moomoo AI
On March 18, 2024, Connexa Sports Technologies Inc., a Delaware-based company listed on the Nasdaq Capital Market under the trading symbol CNXA, entered into a share purchase agreement and a share exchange agreement to acquire a 70% stake in Yuanyu Enterprise Management Co., Limited (YYEM), a Hong Kong company specializing in the love and marriage market sector. The acquisition, valued at $56 million, was completed in part with a 20% stake purchased for $16.5 million in cash on March 20, 2024. The remaining 50% will be acquired through the issuance of new shares of Connexa's common stock. This transaction will result in a change of control of Connexa, with YYEM shareholders owning 82.4% of Connexa's common stock. Additionally, Connexa has agreed to sell its subsidiary, Slinger Bag...Show More
On March 18, 2024, Connexa Sports Technologies Inc., a Delaware-based company listed on the Nasdaq Capital Market under the trading symbol CNXA, entered into a share purchase agreement and a share exchange agreement to acquire a 70% stake in Yuanyu Enterprise Management Co., Limited (YYEM), a Hong Kong company specializing in the love and marriage market sector. The acquisition, valued at $56 million, was completed in part with a 20% stake purchased for $16.5 million in cash on March 20, 2024. The remaining 50% will be acquired through the issuance of new shares of Connexa's common stock. This transaction will result in a change of control of Connexa, with YYEM shareholders owning 82.4% of Connexa's common stock. Additionally, Connexa has agreed to sell its subsidiary, Slinger Bag Americas Inc., to a newly established entity as part of the transaction. The agreements also include provisions for the appointment of new directors to Connexa's board and the potential for a reverse stock split. The agreements are subject to shareholder approval, and a proxy statement will be filed with the SEC. Connexa announced the signing of the agreements on March 21, 2024. YYEM, established in November 2021, has proprietary intellectual property in the matchmaking sector and has collected royalties of approximately $1.9 million in the fiscal year ended January 31, 2024. It has also entered into licensing agreements with potential revenues of over $70 million in the next three years.

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