Connexa Sports Technologies, which makes a portable tennis ball launcher, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Windsor Mill, MD-based company now plans to raise $4 million by offering 1 million shares at a price of $4, below the as-converted June 10 close of its shares on the OTCQB (CNXA; $7.90). The company had previously filed to offer 1.3 million shares at $10. At the revised terms, Connexa Sports Technologies will raise -68% less in proceeds than previously anticipated.
Because the company now plans to raise less than $5 million, Connexa Sports Technologies will be excluded from Renaissance Capital's 2022 IPO stats.
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. Northland Securities and Spartan Capital Securities are the joint bookrunners on the deal.
