Connexa Sports obtains $1M additional loan under modified LSA; issues 169,196 warrants at $1.90

AIRWA INC.

Entered into Loan and Security Modification Agreement with Armistice Capital for a $1,000,000 new loan, increasing total face amount to $3,000,000.
Issued unregistered Common Warrants to purchase 169,196 shares at $1.90 per share, exercisable after 6 months, expiring 5.5 years from issuance.
Failure to register the New Warrants by February 1, 2024 constitutes an Event of Default under the amended LSA.
Maturity for new loan is earlier of six months from October 11, 2023, or five days after subsequent equity offering, or acceleration.
Proceeds to be used for general corporate purposes, operations including inventory, and preparing registration statement for New Warrants.

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. amended Loan and Security Modification Agreement with Armistice Capital Master Fund Ltd. and the Lenders valued at $1,000,000 (effective 2023-10-11).

Action: amendment
Agreement: credit facility
Counterparty: Armistice Capital Master Fund Ltd. and the Lenders
Value: $1,000,000
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, Connexa Sports Technologies Inc. (the “Company”) entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”) with a one or more institutional investors (the “Lenders”) and a certain institutional investor, as agent for the Lenders (the “Agent”) amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by and among the Company, the Lenders and the Agent to make an additional loan of $1,000,000 and modify the terms of the LSA to reflect the New Loan.

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AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-036865

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