IPOS - Connexa Sports formerly Slinger Bag uplists to Nasdaq holds downsized $4M IPO

Connexa Sports Technologies (OTC:CNXA) (OTCQB:SLBG), formerly known as Slinger Bag, uplisted its shares to Nasdaq on Wednesday and conducted a greatly downsized $4M initial public offering. The sports equipment and technology company offered 1.05M shares at $4 per share, raising around $4.2M. Underwriters were offered a 45-day option to buy up to 150K additional shares at the public price. Connexa (OTC:CNXA) also conducted a 1-for-10 stock split ahead of the uplisting to comply with Nasdaq listing rules. Shares of Connexa (OTC:CNXA) opened at $2.54, hitting a high of $2.92 and a low of $2.15. The stock recently changed hands at $2.53 at approximately 11:05 a.m. ET, according to Dow Jones data. The deal was dramatically downsized from one proposed by the company in a filing on May 31, when it said it planned to offer 1.25M shares at an assumed price of $10 per share, which would have raised around $12.5M.

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Connexa Sports, formerly Slinger Bag, uplists to Nasdaq, holds downsized $4M IPO