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Connexa Sports activities Know-how (CNXA) (OTCQB:SLBG), previously generally known as Slinger Bag, has disclosed extra phrases for its proposed uplisting to Nasdaq and $12.5M preliminary public providing.
The sports activities expertise and media firm mentioned it plans to provide 1.25M shares on the assumed priced of $10 per share, which is topic to vary. Underwriters can be granted a 45-day choice to purchase 15% extra extra shares on the IPO worth.
Connexa has filed to listing its shares on Nasdaq underneath the image CNXA. The corporate additionally plans to conduct a 1-for-10 reverse inventory break up forward of the itemizing. Northland Capital Markets and Spartan Capital Securities are serving as lead bookrunners.
For the fiscal 12 months ended April 30, 2021, Connexa reported a web lack of $19M and web gross sales of $11M.
Connexa modified its title from Slinger Bag in April. The corporate focuses on merchandise for ball sports activities, significantly racquet sports activities and baseball. Its product portfolio contains ball launchers, efficiency video and analytics, and tutorial content material.
The corporate’s shares are at the moment traded OTC underneath the image CNXA and had been previously traded underneath SLBG. As of Tuesday night, Connexa had a market capitalization of round $47M.
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