AIRWA INC. (YYAI): M&A transaction — Connexa completes 70% acquisition of YYEM, gains control via cash and stock issuance

AIRWA INC.

Acquired 20% of YYEM for $16.5M cash on March 20, 2024; additional 50% for 8,127,572 shares on Nov 21, 2024.
Seller Hongyu Zhou received ~55.8% of Connexa common stock, resulting in a change of control.
YYEM unaudited nine-month revenue $9.8M, net income $6.06M for period ended Oct 31, 2024.
Connexa sold legacy Slinger Bag business to NewCo for $1 as part of the transaction structure.
Pro forma combined net loss for twelve months ended Apr 30, 2024 reduced to $14.5M from $15.6M standalone.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AIRWA INC. completed an acquisition involving Yuanyu Enterprise Management Co., Limited for issuance of shares of the Company's common stock (closed 2024-11-21).

Action: acquisition
Counterparty: Yuanyu Enterprise Management Co., Limited
Consideration: issuance of shares of the Company's common stock
Closing: 2024-11-21

Exact text from the filing

the completion, on November 21, 2024, of the acquisition of a majority of Yuanyu Enterprise Management Co., Limited

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

AIRWA INC. filing history →

Source: SEC EDGAR

accession 0001493152-25-005236

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