Summary by Futu 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