Connexa Sports Technologies Inc. has announced a private placement involving the issuance of 20,000,000 units, each priced at $0.23. Each unit comprises one share of common stock and two warrants with a five-year exercise period at an exercise price of $0.89. The company anticipates gross proceeds of $4,600,000 from this transaction. The placement is contingent upon satisfying Nasdaq listing rules and obtaining shareholder approval. If registration conditions are unmet at the time of warrant exercise, a cashless exercise option will be available. The company retains the right to terminate the agreement if the placement isn't completed by December 31, 2025.
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