Connexa Sports, formerly Slinger Bag, uplists to Nasdaq, holds downsized $4M IPO

Large yellow signboard on metal frame with the word IPO

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Connexa Sports Technologies (OTC:CNXA) (OTCQB:SLBG), formerly known as Slinger Bag, uplisted its shares to Nasdaq on Wednesday and conducted a greatly downsized $4M initial public offering.

The sports equipment and technology company offered 1.05M shares at $4 per share, raising around $4.2M. Underwriters were offered a 45-day option to buy up to 150K additional shares at the public price.

Connexa (OTC:CNXA) also conducted a 1-for-10 stock split ahead of the uplisting 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 at approximately 11:05 a.m. ET, according to Dow Jones data.

The deal was dramatically downsized from one proposed by the company in a filing on May 31, when it said it planned to offer 1.25M shares at an assumed price of $10 per share, which would have raised around $12.5M.

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 video and analytics, and instructional content.

For a more in-depth look at Connexa, check out SA contributor Donovan Jones’s “Slinger Bag Seeks $25 Million in Uplisting IPO”.

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