AIRWA INC. (YYAI): M&A transaction — Connexa Sports sells PlaySight subsidiary to founders for $2M note, releases obligations

AIRWA INC.

Sold 100% of PlaySight to founders Chen Shachar and Evgeni Khazanov.
Consideration: release from ~$1.7M in vendor/employee obligations; waiver of $600k personal compensation; $2M promissory note.
Note due Dec 31, 2023 (extendable to Dec 31, 2024); if unpaid, converts to PlaySight shares based on valuation.
Parties to negotiate non-exclusive racquet sports analytics agreement within 3 months.
Transaction eliminates need for Connexa to fund PlaySight operations further.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AIRWA INC. completed a disposition involving PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov for cash consideration of U.S. $2 million (closed 2022-11-27).

Action: disposition
Counterparty: PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov
Consideration: cash consideration of U.S. $2 million
Closing: 2022-11-27

Exact text from the filing

under their employment agreements in the total amount of U.S. $600,000 (which would have been increased in December 2022 to U.S. $800,000); and (3) cash consideration of U.S. $2 million to be paid to the Company as follows: (i) a promissory note in the amount of U.S. $2 million issued and delivered to the Company (the “Promissory Note”). (ii) The maturity due

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AIRWA INC. entered into Share Purchase Agreement with PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov valued at Release of PlaySight's obligations, waiver of $600,000 in personal consideration, and $2,000,000 pro (effective 2022-11-27).

Action: entry
Agreement: equity purchase
Counterparty: PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov
Value: Release of PlaySight's obligations, waiver of $600,000 in personal consideration, and $2,000,000 pro
Effective: 2022-11-27

Exact text from the filing

On November 27, 2022, Connexa Sports Technologies Inc. (the “Company”) entered into a share purchase agreement (the “Agreement”) with PlaySight Interactive Ltd. (“PlaySight”), Chen Shachar and Evgeni Khazanov (together, the “Buyer”) pursuant to which the Buyer purchased 100% of the issued and outstanding shares of PlaySight from the Company in exchange for (1) releasing the Company from all of PlaySight’s obligations towards its vendors, employees, tax authorities and any other (past, current and future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration owed to them under their employment agreements in the total amount of U.S. $600,000 (which would have been increased in December 2022 to U.S. $800,000); and (3) cash consideration of U.S. $2 million to be paid to the Company as follows: (i) a promissory note in the amount of U.S. $2 million issued and delivered to the Company (the “Promissory Note”).

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-22-034095

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