Connexa Sports Technologies Inc. Announces 1-40 Reverse Split
September 22 2023 - 11:50AM
Connexa Sports Technologies Inc.
(NASDAQ:
CNXA) (www.connexasports.com) (the “Company”)
announced that it will conduct a reverse stock split of its
outstanding shares of common stock at a ratio of 1-for-40. The
reverse stock split will become effective on September 22,
2023. The Company’s common stock will begin trading on a post-split
basis at the market open on September 25, 2023, under the
Company’s existing trading symbol "CNXA", with the new CUSIP
number, 831445309. The reverse stock split is part of the Company’s
plan to regain compliance with the minimum bid price requirement
of $1.00 per share required to maintain continued listing
on The Nasdaq Capital Market, among other benefits.
The reverse stock split was approved by the
Company’s stockholders at the Company’s Special Meeting of
Stockholders held on September 13, 2023, to be effected
in the discretion of the Company’s board of directors within
approved parameters. The final ratio was approved by the Company’s
board of directors on September 13, 2023.
The reverse stock split reduces the number of
shares of the Company’s outstanding common stock from approximately
29.5 million shares to approximately 740,000 shares. As a result of
the reverse stock split, proportionate adjustments will be made to
the number of shares of the Company’s common stock underlying the
Company’s outstanding equity awards and warrants and the number of
shares issuable under the Company’s equity incentive plans and
other existing agreements, as well as the exercise or conversion
price, as applicable. There will be no change to the number of
authorized shares or the par value per share of the Company’s
common stock.
Information for CNXA
Stockholders
As a result of the reverse stock split, every
forty pre-split shares of common stock outstanding will become one
share of common stock. The Company's transfer agent, Worldwide
Stock Transfer, LLC., will serve as the exchange agent for the
reverse stock split.
Registered stockholders holding pre-split shares
of the Company's common stock electronically in book-entry form are
not required to take any action to receive post-split shares. Those
stockholders who hold their shares in brokerage accounts or in
"street name" will have their positions automatically adjusted to
reflect the reverse stock split, subject to each broker's
particular processes, and will not be required to take any action
in connection with the reverse stock split. Stockholders holding
shares of the Company's common stock in certificate form will have
their holdings of the Company’s common stock automatically adjusted
to reflect the reverse stock split.
No fractional shares will be issued in
connection with the reverse stock split. Stockholders who otherwise
would be entitled to receive fractional shares will receive an
additional share for each fraction of a share they hold.
Cautionary Statement Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” (within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended), including statements regarding the
Company’s intention to effect a 1-40 reverse stock split. These
statements are based on current expectations as of the date of this
press release and involve a number of risks and uncertainties,
which may cause results to differ materially from those indicated
by these forward-looking statements. These risks include, without
limitation, risks related to continued listing and registration of
the Company’s securities on the Nasdaq Stock Market. Any reader of
this press release is cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release, except as
required by applicable laws or regulations.
About Connexa Sports
Technologies:
Connexa Sports is a leading connected sports
company delivering products, technologies, and services across a
range of activities in sports.
Contact Information:
investors@connexasports.com(443)
407-7564www.connexasports.com
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