Connexa Sports Technologies (http://www.connexasports.com) has announced that its common stock will begin trading on the Nasdaq Capital Market (“Nasdaq”) under its current symbol “CNXA.”
In connection with the uplisting, the Company implemented a reverse stock split to meet the Nasdaq’s minimum bid price threshold.
In conjunction with the Nasdaq listing, Connexa Sports sold 1,048,750 million shares of its common stock at $4.00 per share for gross proceeds of $4.2 million, before deducting underwriting discounts and commissions and other offering expenses. Connexa Sports has granted the underwriters a 45-day option to purchase up to 150,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions to cover overallotments. The shares sold consisted of one million primary shares of common stock and 48,750 shares from the underwriters’ partial exercise of their overallotment option. Connexa Sports plans to use the funds raised for working capital, debt reduction and general corporate purposes. The offering is expected to close on June 17, 2022, subject to customary closing conditions.
“Uplisting to the Nasdaq is the next step in our evolution as a public company, particularly after our acquisitions of PlaySight, Gameface.AI and Foundation Tennis,” said Mike Ballardie, Connexa Sports CEO. “For us to come this far after only beginning operations two years ago is a tremendous feat and a testament to our dedicated employees, partners, products and customers that have enabled this milestone.
“From an investor standpoint, I want to thank those who have continued to support the company through this unprecedented and challenging period in the public markets. We anticipate this milestone will contribute to shareholder value creation by increasing Connexa’s exposure to both institutional and retail investors while also driving increased trading liquidity.
“Finally, as we execute on our ‘Watch, Play, Learn’ strategy to become a leading connected sports technology company, we are pioneering a ‘Sports-as-a-Service’ category with our innovative and disruptive consumer products and technological capabilities. This connected platform leverages our industry-leading AI, automated video and live streaming production and data insights across tennis, pickleball, padel, baseball, softball and cricket over the next few years. We will deliver the analysis, live streaming, video and coaching insights, tips and practice drills desired by today’s consumer across our core sports verticals. Additionally, our technology capabilities drive ancillary revenue streams, including sport specific apps driven by proprietary AI, engaging streaming content through ConnexaTV, strategic partnerships to access the growing sports betting sector, and SaaS-based sports facilities management. We believe these offerings deliver a strong value proposition to avid sports consumers, from professional and recreational players, coaches, and fans to academies, federations and teams, clubs and facilities.”