Connexa Sports Technologies, which makes a portable tennis ball launcher, announced terms for its Nasdaq uplisting on Tuesday. In its latest filing, the company also announced that it had officially its name from Slinger Bag.
The Windsor Mill, MD-based company plans to raise $13 million by offering 1.3 million shares at an assumed price of $10, the as-converted May 20 close of its shares on the OTCQB (CNXA). At the proposed price, Connexa Sports Technologies would command a fully diluted market value of $105 million.
Connexa is focused on the ball sport market globally. The company has developed and patented the Slinger Launcher, a portable ball launcher built into an easy-to-transport wheeled tennis bag. While its initial brand focus is on tennis, the company is developing similar launchers to address other forms of tennis around the globe including Pickleball (US), Soft Tennis (Japan), and Paddle Tennis (International markets), all of which are currently in either development or testing and planned for introduction in late 2022 or early 2023. In future years, Slinger Bag plans to enter new ball sport markets such as baseball, softball, cricket, badminton, and others.
Connexa Sports Technologies was founded in 2015 and booked $16 million in revenue for the 12 months ended January 31, 2022. It plans to list on the Nasdaq under the symbol CNXA. Spartan Capital Securities and Northland Securities are the joint bookrunners on the deal.
