Connexa Sports, formerly Slinger Bag, moves to Nasdaq, holds $4 million cut IPO
Connexa Sports Technologies (OTC:CNXA) (OTCQB:SLBG), formerly known as Slinger Bag, listed its shares for sale on Nasdaq on Wednesday and made a significantly reduced initial public offering of $4 million.
The sports equipment and technology company has offered 1.05 million shares at $4 per share, raising approximately $4.2 million. The underwriters were offered a 45-day option to purchase up to an additional 150,000 shares at the public price.
Connexa (OTC:CNXA) also conducted a 1-for-10 stock split ahead of the listing to comply with Nasdaq listing rules.
Shares of Connexa (OTC:CNXA) opened at $2.54, hitting a high of $2.92 and a low of $2.15. The stock recently changed hands at $2.53 around 11:05 a.m. ET, according to Dow Jones data.
The deal was significantly reduced from that offered by the company in a filing on May 31, when it announced it planned to offer 1.25 million shares at an assumed price of $10 per share. , which would have raised around $12.5 million.
Connexa recently changed its name from Slinger Bag and its trading symbol from SLBG. The company specializes in products for racquet sports and baseball, including ball launchers, performance videos and analysis, and educational content.
For a more in-depth Connexa review, check out “Slinger Bag Seeks $25 Million IPO” by SA contributor Donovan Jones.