---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-010736"
form_type: "8-K"
ticker: "YYAI"
cik: "0001674440"
company_name: "AIRWA INC."
filed_at: "2024-03-21T23:59:59+00:00"
generated_at: "2026-06-04T09:56:25.033552+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-010736
- form_type: 8-K
- ticker: YYAI
- cik: 0001674440
- company_name: AIRWA INC.
- filed_at: 2024-03-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1674440/000149315224010736/0001493152-24-010736-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674440/000149315224010736/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-010736
- JSON: https://secwatch.observer/filing/0001493152-24-010736.json
- Plain text: https://secwatch.observer/filing/0001493152-24-010736.txt

## Key facts
- Material Agreements
  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
  source text: On March 18, 2024, Connexa Sports Technologies Inc. (the “ Company ”) entered into a share purchase agreement (the “ Share Purchase Agreement ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224010736/0001493152-24-010736-index.htm
- Material Agreements
  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
  source text: 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 ,”
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224010736/0001493152-24-010736-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.