Connexa Sports Technologies Inc. - YYAI STOCK NEWS

Connexa Sports Technologies (Nasdaq:YYAI) has completed the acquisition of an additional 50% stake in Yuanyu Enterprise Management Co. (YYEM), increasing its total ownership to 70%. The Hong Kong-based YYEM operates in the global Love and Marriage sector. Trading of post-acquisition YYAI will begin on November 22, 2024. Following the acquisition, Connexa has undergone a change of control, appointed new officers and directors, and completed the spin-off of the Slinger Bag business. Former CEO Mike Ballardie thanked shareholders, while new board member Mr. Zhou expressed optimism about the company's future in the Love and Marriage sector.

Connexa Sports Technologies (Nasdaq: YYAI) has issued a correction to its earlier press release regarding the Nasdaq approval to acquire Yuanyu Enterprise Management. The company clarified that while they anticipate November 22nd to be the first day of trading post-closing, they have not yet received official confirmation from Nasdaq regarding the exact trading commencement date. The company will make additional announcements about the expected trading start date as appropriate.

Connexa Sports Technologies has received Nasdaq approval for continued listing following its acquisition of an additional 50% stake in Yuanyu Enterprise Management (YYEM), increasing total ownership to 70%. The company will maintain its YYAI ticker symbol, with trading resuming November 22, 2024. YYEM, established in 2021, operates in the Love and Marriage sector with proprietary IP including six metaverse technologies and five AI matchmaking patents. The company leverages AR, XR, and AI integration capabilities with platforms like Huawei Pangu 3. The acquisition completion remains subject to additional closing conditions.

Yuanyu Enterprise Management (YYEM), a Hong Kong-based entity focused on the global Love & Marriage sector, has entered into an exclusive license agreement with UK-based Eternity Technology The agreement covers the UK, Switzerland, and major European markets, generating over $19 million in license income for YYEM through December 2026.

This deal is part of Connexa Sports Technologies Inc.'s (Nasdaq:YYAI) strategy to enhance shareholder value, as it currently holds a 20% stake in YYEM. YYEM operates in the emerging Love & Marriage market sector, owning proprietary intellectual property including six metaverse-related technologies and five AI matchmaking patents. The company's AI technology can integrate with Big Data models and other AI systems like Huawei Pangu 3.

YYEM aims to establish itself as a global leader in AI-led matchmaking, combining online activities with retail store operations. This agreement is expected to be the first in a series of similar deals to globalize YYEM's business and drive revenue growth.

Yuanyu Enterprise Management Co., (YYEM), a company 20% owned by Connexa Sports Technologies Inc. (Nasdaq: YYAI), reported strong unaudited financial results for Q1 FY2024. YYEM's revenue surged to $3.3 million, up from $481,000 in the same period last year, driven by payments from new licensees. Net income rose to $2.2 million, compared to $278,000 a year ago. The company's growth is attributed to its AI-powered matchmaking platform and proprietary technologies in the 'love & marriage' industry. YYEM is set to become a 70%-owned subsidiary of Connexa, pending Nasdaq approval, which is expected to deliver shareholder value. The company's revenue was geographically diverse, with $1.4 million from Southeast Asia, $1.1 million from the US, and $818,000 from Europe.

Connexa Sports Technologies Inc. (Nasdaq:YYAI) reported its FY 2024 audited financial results, showing a 15% decrease in revenue to $8.4 million, primarily due to inventory availability issues. Despite this, the company saw improvements in several areas:

- Gross margin increased to 41%, driving a 22% rise in gross profit
- Operating expenses reduced by 60%
- Operating loss improved by 71% to $6.4 million
- Net income improved by 38% compared to FY 2023

The company also launched its Slinger App and acquired 20% of Yuanyu Enterprise Management. A change-in-control is expected upon completion of the share exchange acquisition, pending Nasdaq approval.

Connexa Sports Technologies Inc. (Nasdaq: YYAI) has regained full Nasdaq compliance following a reverse stock split on June 27, 2024, and subsequent 10-day trading period above $1. As a result, Nasdaq has canceled the scheduled July 24, 2024 Hearing Panel and withdrawn the delisting determination. This development allows Connexa to proceed with its planned change in control, which will see Yuanyu Enterprise Management (YYEM) becoming a subsidiary and Slinger Bag transitioning to a private company.

CEO Mike Ballardie stated that the YYEM transaction is expected to move forward, subject to Nasdaq's listing approval of the incoming YYEM entity. This compliance resolution marks a significant milestone for Connexa, ensuring its continued presence on the Nasdaq exchange and paving the way for its strategic restructuring plans.

Connexa Sports Technologies (Nasdaq: YYAI) has announced a 1-for-20 reverse stock split of its common stock, effective June 27, 2024. This move aims to address the Nasdaq minimum bid price requirement and prevent delisting. The split will consolidate every 20 shares into one, reducing the outstanding shares to 2,042,669. Existing shareholders' equity percentages remain unchanged, except for minor adjustments due to fractional shares, which will be rounded up. Post-split, the stock must close at or above $1.00 per share for ten consecutive days to regain compliance. ClearTrust, will manage the exchange process.

Connexa Sports Technologies (Nasdaq: YYAI) announced a 1-for-20 reverse stock split to address a delisting notice from Nasdaq due to non-compliance with bid price requirements. The reverse split is expected to take effect on June 28, 2024, following shareholder approval on May 15, 2024. Upon Nasdaq's approval, Connexa will regain compliance, negating the need for a hearing. The company is also undergoing a change in control, transferring the Slinger Bag business to a private entity. More details are available at connexasports.com.