Connexa Sports Technologies, which makes a portable tennis ball launcher, raised $4 million by offering 1.0 million shares at $4, below the as-converted June 14 close of its shares on the OTCQB (CNXA; $6.80), which trades with relatively low volume.
The Windsor Mill, MD-based company had originally filed to offer 1.3 million shares when its OTC price was $10, before cutting the share offering on Tuesday.
Because the company raised less than $5 million in its Nasdaq IPO, Connexa Sports Technologies will be excluded from Renaissance Capital's 2022 IPO stats.
Formerly known as Slinger Bag Inc., Connexa Sports has developed the Slinger Launcher, a portable ball launcher built into an easy-to-transport wheeled tennis bag. In addition to tennis, the company plans to expand into other racket sports. It has also expanded into sports media and technology with its acquisitions of PlaySight Interactive, Gameface, and Foundation Sports.
Connexa Sports Technologies booked $16 million in revenue for the 12 months ended January 31, 2022 and plans to list on the Nasdaq under the symbol CNXA. Northland Securities and Spartan Capital Securities acted as joint bookrunners on the deal.
