AIRWA INC. (YYAI): M&A transaction — Connexa Sports Technologies raises $16.5M via common stock and pre-funded warrants; change of control to three investors

As a result of the transactions contemplated by the Securities Purchase Agreements and the issuance of the Shares and Pre-Funded Warrants, control of the company now rests with each of (i) Andy and Lion Co., Ltd., (ii) Junjie Enterprise Management Co., Limited and (iii) Xinsheng Enterprise Management Services Co., Ltd. (each an “ Investor ” and, together, the “ Investors ”), each of whom acquired for a cash investment of $5.5 million (i) 19.99% of the Company’s issued and outstanding shares of the Company’s common stock and (ii) warrants to purchase an additional 25,169,800 shares of the Company’s common stock.

Connexa Sports Technologies Inc. (the " Company ") entered into securities purchase agreements (the " Securities Purchase Agreement ") with three investors (the " Investors ") for the issuance and sale to each investor of (i) 2,330,200 shares of common stock (the " Common Stock Shares ") and (ii) pre-funded warrants (the " Pre-Funded Warrants ") to purchase an aggregate of 25,169,800 shares of its common stock (the " Pre-funded Warrant Shares ", together with the Common Stock Shares, the " Shares ") at a combined purchase price of $0.20 per share of the common stock for an aggregate amount of approximately $16.5 million