Connexa Sports modifies $3.2M note, conversion price set at $0.32; subsidiary guarantees up to $6M

AIRWA INC.

Waiver of defaults under loan agreement, registration rights agreement, and inducement letter as of Feb 21, 2024.
Note conversion price set at $0.32 per share; up to 9,991,674 shares issuable upon conversion of $3,197,335.65 owed.
Lender's warrants repriced to $0.16 per share subject to shareholder approval by May 3, 2024; meetings every 60 days if not obtained.
Slinger Bag Americas must fund $2M escrow within 10 weeks and guarantee up to $6M difference between guaranteed amount and proceeds.
Company must file S-1 registration statement within 5 business days (by Feb 28) and seek effectiveness within 30 days.

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 Waiver, Warrant Amendment and Second Loan and Security Modification Agreement with certain institutional investors (the Lenders) and a certain institutional investor, as agent for the Lenders (the Agent) (effective 2024-02-21).

Action: amendment
Agreement: credit facility
Counterparty: certain institutional investors (the Lenders) and a certain institutional investor, as agent for the Lenders (the Agent)
Effective: 2024-02-21

Exact text from the filing

On February 21, 2024, the Company and the Lenders and the Agent entered into a Waiver, Warrant Amendment and Second Loan and Security Modification Agreement (the “Waiver, Amendment, and Modification Agreement”).

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AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-007413

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