Connexa Sports enters $2M loan with Armistice Capital, issues warrants for ~18.1M shares

AIRWA INC.

Connexa Sports entered $2M loan agreement with Armistice Capital; initial advance $1.4M.
Warrants issued for up to ~18.1M shares at $0.221 exercise price, 5.5-year term, subject to stockholder approval.
Proceeds to cover registration expenses for previously issued securities and fund operations.
Loan secured by substantially all assets of Connexa and its subsidiaries (Slinger Bag entities).
Additional $600k advance available under agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AIRWA INC. entered into Loan and Security Agreement with Armistice Capital Master Fund Ltd. as agent for the Lenders valued at $2,000,000 (effective 2023-01-06).

Action: entry
Agreement: credit facility
Counterparty: Armistice Capital Master Fund Ltd. as agent for the Lenders
Value: $2,000,000
Effective: 2023-01-06

Exact text from the filing

On January 6, 2023, Connexa Sports Technologies Inc. (the “Company”) entered into a loan and security agreement (the “Loan and Security Agreement”) with a one or more institutional investors (the “Lenders”) and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”) for the issuance and sale of (i) a note in an aggregate principal amount of up to $2,000,000 (the “Note”) with the initial advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”)

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AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-001023

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