CNXA - Connexa Sports Technologies implements reverse stock split ahead of planned uplisting IPO

Connexa Sports Technologies (OTCQB:SLBG) has implemented a reverse stock split ahead of a planned uplisting and IPO, and is expected to begin trading on the Nasdaq Capital Market today under ticker CNXA. The company had downsized its planned uplisting and IPO by 68% to $4M. The sports products company sold 1,048,750 shares at $4.00 per share for gross proceeds of $4.2M, before deducting underwriting discounts and commissions and other offering expenses. The sold shares consisted of 1M primary shares of common stock and 48,750 shares from the underwriters' partial exercise of their overallotment option. CNXA has granted the underwriters a 45-day option to purchase up to 150,000 additional shares at the public offering price, less underwriting discounts and commissions to cover overallotments. The proceeds are expected to be used for working capital, debt reduction and general corporate purposes. The offering is expected to close Jun. 17, subject to customary closing conditions. Source: Press

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Connexa Sports Technologies implements reverse stock split ahead of planned uplisting, IPO