Connexa Sports Technologies, Inc., the owner of Slinger Bag and Gameface AI, announced that it intends to submit an application to Nasdaq to effect a 1-for-20 reverse split of its common stock to remedy a delisting threat.
Connexa Sports said the reverse split follows the receipt of stockholder approval at its annual general meeting held on May 15, 2024.
The company will request that the split become effective Monday morning, June 28, 2024. After Nasdaq approval, the pending Delisting Notice received on June 11, 2024, should be withdrawn; there will be no further need for a hearing, and Connexa will regain Nasdaq compliance.
“As already made public and approved by Connexa shareholders, the company is in the process of Yuanyu Enterprise Management effecting a change in control, which will result in the Slinger Bag business being transferred to a private company. It is unfortunate that this process, including the shareholder-approved 1-for-20 reverse split, has not been completed ahead of the bid price compliance deadline, resulting in the receipt of a delisting notice. However, the reverse split is now expected to take place in the coming days, subject to Nasdaq approval, and once complete will result in our bid price requirement once again being met,” commented Mike Ballardie, CEO of Connexa.
Image courtesy Connexa/Slinger Bag
