Connexa Sports Technology (CNXA) (OTCQB: SLBG), formerly known as Slinger Bag, has revealed several terms for its proposed listing on the Nasdaq and $ 12.5 million IPO.
The sports technology and media company said it is planning it offer 1.25 million. shares at the assumed price of $ 10 per share, which can be changed. Underwriters will have a 45-day option to buy 15% more shares at the listing price.
Connexa has applied to list its shares on Nasdaq under the symbol CNXA. The company also plans to complete a 1-to-10 reverse stock split prior to the IPO. Northland Capital Markets and Spartan Capital Securities act as leading bookrunners.
For the fiscal year ending April 30, 2021, Connexa reported a net loss of $ 19M and a net sale of $ 11M.
Connexa changed its name from Slinger Bag in April. The company specializes in products for ball sports, especially racket sports and baseball. Its product portfolio includes ball starters, performance video and analytics and instructional content.
The company’s shares are currently traded OTC under the symbol CNXA and were previously traded under SLBG. As of Tuesday night, Connexa had a market value of about $ 47 million.