Connexa Announces Entry into an Agreement to Acquire a 70% Stake in Yuanyu Enterprise Management Co., Limited for Cash and Shares

Windsor Mills, MD, March 21, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq:CNXA) today announced that, subject to shareholder approval, it has signed definitive share purchase and share exchange agreements to acquire a 70% stake in Yuanyu Enterprise Management Co., Limited (YYEM) for a combined value of $56 million. The transaction will be carried out in two steps, with an initial 20% stake having been completed against payment of $16.5 million in cash, and the residual 50% stake completing on the closing date through the issuance of common stock. As part of this deal structure, there will be a change-in-control of Connexa following the appointment of a new board of directors, subsequent to which Slinger Bag Americas will be divested to a newly established entity.

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