Connexa Sports acquires 70% of Yuanyu Enterprise for $56M; change of control to YYEM shareholders

AIRWA INC.

Initial 20% of YYEM acquired for $16.5M cash on March 20, 2024; remaining 50% to be paid with 162,551,440 shares of CNXA common stock.
Upon closing, YYEM shareholders will own 82.4% of Connexa, resulting in a change in control of the company.
YYEM operates AI matchmaking services in China with 200 retail stores, reported FY23 royalties of ~$1.9M.
Licensing agreements in place for UK/Europe, SE Asia, and Sub-Saharan Africa with cumulative potential revenue >$70M over three years.
Connexa will divest its Slinger Bag business to a newly established entity as part of the transaction.

item 1.01 item 3.02 item 5.02 item 9.01

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 Share Purchase Agreement with Mr. Hongyu Zhou valued at $16,500,000 (effective 2024-03-18).

Action: entry
Agreement: asset purchase
Counterparty: Mr. Hongyu Zhou
Value: $16,500,000
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, Connexa Sports Technologies Inc. (the “ Company ”) entered into a share purchase agreement (the “ Share Purchase Agreement ”)

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

AIRWA INC. entered into Share Exchange Agreement with Mr. Hongyu Zhou valued at $56 million (effective 2024-03-18).

Action: entry
Agreement: equity purchase
Counterparty: Mr. Hongyu Zhou
Value: $56 million
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, Connexa Sports Technologies Inc. (the “ Company ”) entered into a share purchase agreement (the “ Share Purchase Agreement ”) and a share exchange agreement (the “ Share Exchange Agreement ,”

View on SEC.gov

547 material agreements filed in the last 30 days. Browse all material agreements →

AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-010736

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