--- schema_version: "secwatch.filing_event.v1" accession: "0001493152-24-047624" form_type: "8-K" ticker: "YYAI" cik: "0001674440" company_name: "AIRWA INC." filed_at: "2024-11-25T23:59:59+00:00" generated_at: "2026-05-29T18:55:46.361586+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 completes acquisition of 70% of Yuanyu for $56M; controlling owner gets 55.8% stake ## Summary - Acquired 70% of Yuanyu Enterprise Management for $56M; $16.5M cash paid Mar 2024, 8,127,572 shares issued Nov 21, 2024. - Change of control: Hongyu Zhou becomes beneficial owner of ~55.8% of Connexa common stock; all prior directors and officers resigned. - New board and officers appointed: CEO Thomas Tarala, CFO Guibao Ji, and directors Zhou, Thomson, C. Liu, K. Liu. - Legacy Slinger Bag business sold to NewCo for $1.00; NewCo owned by former executives Ballardie, Kalfa, Honickman, Radom. - Company will change name to Yuanyu, Inc. by end of 2024; stock symbol YYAI remains. ## SEC filing metadata - accession: 0001493152-24-047624 - form_type: 8-K - ticker: YYAI - cik: 0001674440 - company_name: AIRWA INC. - filed_at: 2024-11-25T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 2.01, 5.02, 3.02, 5.01, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/form8-k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001493152-24-047624 - JSON: https://secwatch.observer/filing/0001493152-24-047624.json - Plain text: https://secwatch.observer/filing/0001493152-24-047624.txt ## Key facts - Executive change Warren Thomson was appointed as Director at AIRWA INC.. - Action: appointed - Role: Director source text: Warren Thomson 48 Director evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Juda Honickman resigned as Executive Officer at AIRWA INC.. - Action: resigned - Role: Executive Officer source text: all of the executive officers of the Company, namely, Mike Ballardie, Juda Honickman, Mark Radom, and Yonah Kalfa, resigned from their respective positions with the Company, effective immediately. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Chenlong Liu was appointed as Director at AIRWA INC.. - Action: appointed - Role: Director source text: Chenlong Liu 35 Director evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Hongyu Zhou was appointed as Director at AIRWA INC.. - Action: appointed - Role: Director source text: Hongyu Zhou 36 Director evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Stephen Crummey resigned as Director at AIRWA INC.. - Action: resigned - Role: Director source text: all of the directors of the Company, namely, Mike Ballardie, Yonah Kalfa, Kirk Taylor, Stephen Crummey, and Rodney Rapson, resigned from the Board of Directors evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Yonah Kalfa resigned as Executive Officer and Director at AIRWA INC.. - Action: resigned - Role: Executive Officer and Director source text: all of the executive officers of the Company, namely, Mike Ballardie, Juda Honickman, Mark Radom, and Yonah Kalfa, resigned from their respective positions with the Company, effective immediately. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Rodney Rapson resigned as Director at AIRWA INC.. - Action: resigned - Role: Director source text: all of the directors of the Company, namely, Mike Ballardie, Yonah Kalfa, Kirk Taylor, Stephen Crummey, and Rodney Rapson, resigned from the Board of Directors evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Guibao Ji was appointed as Chief Financial Officer at AIRWA INC.. - Action: appointed - Role: Chief Financial Officer source text: Guibao Ji 60 Chief Financial Officer evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Thomas Tarala was appointed as Chief Executive Officer and Director at AIRWA INC.. - Action: appointed - Role: Chief Executive Officer and Director source text: Thomas Tarala 58 Chief Executive Officer and Director evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Kirk Taylor resigned as Director at AIRWA INC.. - Action: resigned - Role: Director source text: all of the directors of the Company, namely, Mike Ballardie, Yonah Kalfa, Kirk Taylor, Stephen Crummey, and Rodney Rapson, resigned from the Board of Directors evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Mark Radom resigned as Executive Officer at AIRWA INC.. - Action: resigned - Role: Executive Officer source text: all of the executive officers of the Company, namely, Mike Ballardie, Juda Honickman, Mark Radom, and Yonah Kalfa, resigned from their respective positions with the Company, effective immediately. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Mike Ballardie resigned as Executive Officer and Director at AIRWA INC.. - Action: resigned - Role: Executive Officer and Director source text: all of the executive officers of the Company, namely, Mike Ballardie, Juda Honickman, Mark Radom, and Yonah Kalfa, resigned from their respective positions with the Company, effective immediately. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - Executive change Kong Liu was appointed as Director at AIRWA INC.. - Action: appointed - Role: Director source text: Kong Liu 35 Director evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - M&A Transactions AIRWA INC. completed a disposition involving J&M Sports LLC for $1.00 (closed 2024-11-21). - Action: disposition - Counterparty: J&M Sports LLC - Consideration: $1.00 - Closing: 2024-11-21 source text: on November 21, 2024, the Company entered into a separation and assignment agreement (the “ Separation Agreement ”) with J&M Sports LLC, a Florida limited liability company (“ NewCo ”), to sell, transfer and assign all or substantially all of its legacy business, assets and liabilities related to or necessary for the operations of its “Slinger Bag” business or products (the “ Legacy Business ”) to NewCo, in consideration for $1.00. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - M&A Transactions AIRWA INC. underwent a change of control involving Mr. Hongyu Zhou (closed 2024-11-21). - Action: change of control - Counterparty: Mr. Hongyu Zhou - Closing: 2024-11-21 source text: As a result of the closing of the Transaction, a change of control of the Company occurred as the Seller became the owner of approximately 55.8% of the issued and outstanding shares of Common Stock and the board of directors of the Company (the “ Board of Directors ”) currently comprises individuals designated by the Seller. evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm - M&A Transactions AIRWA INC. completed an acquisition involving Mr. Hongyu Zhou for $56 million (closed 2024-11-21). - Action: acquisition - Counterparty: Mr. Hongyu Zhou - Consideration: $56 million - Closing: 2024-11-21 source text: Agreements ”) to acquire a total of 70% of the issued and outstanding ordinary shares of YYEM from the sole shareholder of YYEM, Mr. Hongyu Zhou (the “ Seller ”), for a combined $56 million. $16.5 million of this amount was paid in cash on March 20, 2024 pursuant to the Share Purchase Agreement to acquire 20% of YYEM. On November 18, 2024, The Nasdaq Stock Market evidence_url: https://www.sec.gov/Archives/edgar/data/1674440/000149315224047624/0001493152-24-047624-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.