AIRWA INC. (YYAI): M&A transaction — Connexa Sports sells PlaySight subsidiary for $2M note; eliminates further financing need

AIRWA INC.

Buyer group (Chen Shachar, Evgeni Khazanov) acquires 100% of PlaySight shares from Connexa.
Consideration: $2M promissory note (due Dec 2023, extendable to 2024), waiver of $600k debt, and release of obligations.
Company released PlaySight from inter-company debts; Buyer released Company from all obligations.
Sale eliminates need for Connexa to further finance PlaySight's operations.
Parties to negotiate non-exclusive analytics deal within 3 months; costs for new features covered by Connexa.

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 U.S. $2 million (closed 2022-11-27).

Action: disposition
Counterparty: PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov
Consideration: 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 0.9

AIRWA INC. entered into Agreement with PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov valued at U.S. $2 million (effective 2022-11-27).

Action: entry
Agreement: asset purchase
Counterparty: PlaySight Interactive Ltd., Chen Shachar and Evgeni Khazanov
Value: U.S. $2 million
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”)

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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 0001493152-22-034448

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