Connexa Sports Technology downsizes proposed IPO by 68% to $4M

Connexa Sports Know-how (CNXA) (OTCQB:SLBG) has downsized its planned uplisting and initial public offering by 68% to $4M.

In its hottest filing, Connexa reported it was now in search of to provide 1M shares at an assumed cost of $4 per share, a quantity that is possible to transform. The business also intends to carry out a 1-for-10 reverse stock break up in advance of the providing.

Connexa plans to uplist its shares to Nasdaq beneath the symbol CNXA. The shares are at present traded OTC. As of June 14, the enterprise had a marketplace capitalization of around $37M.

The newest deal has been drastically downsized from the a person proposed by the firm in a filing on Might 31, when it said it prepared to offer 1.25M shares at an assumed price of $10 per share.

For the fiscal yr finished April 30, 2021, Connexa claimed a web decline of $19M and net product sales of $11M.

Connexa not long ago changed its title from Slinger Bag and its trading symbol from SLBG. The firm specializes in items for racquet sporting activities and baseball, which includes ball launchers, effectiveness movie and analytics, and instructional content material.

For a a lot more in-depth seem at Connexa, test out SA contributor Donovan Jones’s “Slinger Bag Seeks $25 Million in Uplisting IPO”.