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