Connexa Sports Technologies Enters Into Sales Agreement with A.G.P./Alliance Global Partners – Form 8-K Filing Reveals

Connexa Sports Technologies Inc. (NASDAQ:YYAI) made a significant announcement regarding its financial operations through a recent filing with the Securities and Exchange Commission (SEC) on January 8, 2025. The Delaware corporation disclosed that it had entered into a sales agreement with A.G.P./Alliance Global Partners for the potential sale of its common stock.

As per the agreement terms outlined in the Form 8-K filing, Connexa Sports Technologies has the option to sell shares of its common stock periodically through or to A.G.P./Alliance Global Partners as either sales agent or principal. These sales, if executed, will take place under the Company’s registration statement on Form S-3 (File No. 333-279880) that was lodged with the SEC on the same day.

The agreement allows Connexa Sports Technologies to offer and sell shares of its common stock with an aggregate offering price of up to $11,347,850, following the guidelines established in Rule 415(a)(4) of the Securities Act of 1933. Additionally, the Agent will work towards selling these shares based on the Company’s instructions.

In terms of compensation, A.G.P./Alliance Global Partners will receive 3.0% of the gross proceeds from each sale of shares under the Sales Agreement. Moreover, Connexa Sports Technologies will reimburse the Agent for specific out-of-pocket expenses up to $50,000 with an additional provision for maintenance expenses up to $20,000 per fiscal year. The Company also committed to providing indemnification and contribution to the Agent against certain liabilities under the Securities Act.

It’s important to note that the Company isn’t obligated to sell any shares under this agreement. The Sales Agreement will automatically terminate based on various scenarios, including the completion of the sale of all common stock covered by the agreement or the expiration of the Registration Statement after three years from its initial effective date.

The detailed terms of the Sales Agreement can be found in Exhibit 1.1 attached to the Form 8-K filing. Investors are advised to refer to the complete exhibit for comprehensive information. Connexa Sports Technologies emphasized that the representations, warranties, and covenants in the Sales Agreement are primarily for the benefit of the involved parties and may have certain limitations.

This announcement serves to inform investors about the terms of the Sales Agreement between Connexa Sports Technologies and A.G.P./Alliance Global Partners. It is suggested to review the Company’s periodic reports and filings with the SEC for a broader understanding of its business operations and financial standing.

The Form 8-K filing also reiterated that it does not constitute an offer to sell or a solicitation to buy the discussed common stock, and any such activity should comply with legal requirements in respective jurisdictions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Connexa Sports Technologies’s 8K filing here.

About Connexa Sports Technologies

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Connexa Sports Technologies Inc engages in the sports equipment and technology business in the United States. The company offers Slinger Launcher, a portable padel tennis ball launcher and pickleball launcher; and Slinger Bag Launcher, a ball launcher built into transport wheeled trolley bag. It also provides Gameface, AI technology and performance analytics for sports.

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