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8-K: Current report

SEC announcement ·  Apr 18 21:03
Summary by Futu AI
On April 15, 2024, Connexa Sports Technologies Inc., a Delaware-based company, filed a Form 8-K with the SEC to report the completion of a significant transaction involving the sale of warrants. The company entered into a warrant purchase agreement (WPA) with an institutional investor and Morgan Capital LLC. Under the terms of the WPA, the investor sold warrants to Morgan Capital for $2,500,000 in cash. These warrants allow Morgan Capital to purchase a total of 10,113,602 shares of Connexa Sports Technologies' common stock at a newly adjusted exercise price of $0.16, pending shareholder approval. The original exercise prices were $1.90 and $0.294 for different tranches of shares, exercisable for 5.5 years from their respective issuance dates in October and December 2023. The agreement also stipulates the termination of...Show More
On April 15, 2024, Connexa Sports Technologies Inc., a Delaware-based company, filed a Form 8-K with the SEC to report the completion of a significant transaction involving the sale of warrants. The company entered into a warrant purchase agreement (WPA) with an institutional investor and Morgan Capital LLC. Under the terms of the WPA, the investor sold warrants to Morgan Capital for $2,500,000 in cash. These warrants allow Morgan Capital to purchase a total of 10,113,602 shares of Connexa Sports Technologies' common stock at a newly adjusted exercise price of $0.16, pending shareholder approval. The original exercise prices were $1.90 and $0.294 for different tranches of shares, exercisable for 5.5 years from their respective issuance dates in October and December 2023. The agreement also stipulates the termination of certain obligations of Slinger Bag Americas Inc., a subsidiary of Connexa Sports Technologies, including a cash payment to the investor and the maintenance of a $2,000,000 escrow account. Additionally, all liens and security interests held by the investor against the company's property will be released upon receipt of the purchase price. The company's CEO, Mike Ballardie, signed the report dated April 18, 2024. The transaction is detailed in Exhibit 99.1 of the Form 8-K, which is incorporated by reference.

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