CORRECTION NOTICE OF PRESS RELEASE ANNOUNCING RECEIPT OF NASDAQ APPROVAL TO ACQUIRE YUANYU ENTERPRISE MANAGEMENT

Rhea-AI Summary

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.

Positive

• Received Nasdaq approval for Yuanyu Enterprise Management acquisition

Negative

• Uncertainty about exact post-closing trading commencement date

Insights

Legal Expert

This correction notice reflects a significant procedural issue in the merger process. The premature announcement of a specific trading date without Nasdaq confirmation represents a material disclosure error that needed immediate rectification. While the merger approval remains intact, the timing uncertainty could create short-term trading complications and potential market confusion. The correction demonstrates proper regulatory compliance and transparency, but also highlights operational coordination challenges between the company and Nasdaq.

Investors should note that such corrections, while procedurally necessary, can impact market confidence and trading dynamics. The delay in confirming the actual trading date may cause temporary trading disruptions and could affect short-term price discovery. However, this is primarily a timing issue rather than a fundamental change to the approved transaction structure.

Windsor Mills, MD, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq:YYAI) is announcing a correction to the third bullet point of the headline and the second paragraph of the press release published earlier today (the “Release”).

In the Release, the third bullet point read:

• YYAI will commence trading at the opening of the market on Friday, November 22.
  

and the second paragraph read:

The new Connexa entity will continue to trade under the YYAI ticker symbol, with trading commencing at the opening of the market on Friday, November 22, 2024.

Correction:

While we expect that November 22nd will be the first day of trading on a post-closing basis, we have not received confirmation of the first day of trading from Nasdaq yet. Connexa, as appropriate, will make further public announcements regarding the expected commencement of trading on a post-closing basis.

About Connexa Sports Technologies:

Connexa Sports is a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.

CNXA Contact Information:
investors@connexasports.com
www.connexasports.com

About Yuanyu Enterprise Management Co., Limited:

Yuanyu Enterprise Management Co., Limited (YYEM) operates across the rapidly emerging Love and Marriage sector. YYEM owns numerous patents, technologies and algorithms that drive its big data and matchmaking analyses, deriving its current revenues from royalties.

YYEM Contact Information:
info@yuanyuenterprise.com
www.yuanyuenterprise.com

Forward-Looking Statements

Although not included in the forward-looking statement section of the Release, the following factors could also cause actual results to differ materially from those described in the Release:

• uncertainties regarding YYEM’s patents enabling access to AR and XR; and
  
• uncertainties regarding YYEM’s retail partners being able to open more retail stores that integrate YYEM’s technology with their operations.
  

This press release contains forward-looking statements. Statements that are not historical facts, including statements about beliefs or expectations, are forward-looking statements. These statements are based on plans, estimates, expectations and projections at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described in this press release include, among others:

• uncertainties as to and the completion of the share exchange agreement, including the risk that one or more of the transactions may involve unexpected costs, liabilities or delays;
  
• the risks associated with the company’s relatively low public float, which may result in the company’s common stock experiencing significant price volatility;
  
• the effects that the consummation of the proposed acquisition of YYEM and the spin-off of the Slinger Bag business may have on the Company and its current or future business and on the price of the common stock;
  
• the possibility that various closing conditions for acquisition of YYEM and the spin-off of the Slinger Bag business may not be satisfied or waived, or any other required consents or approvals may not be obtained within the expected timeframe, on the expected terms, or at all;
  
• the effects that a termination or suspension of the acquisition of YYEM and the spin-off of the Slinger Bag business may have on the company, including the risk that the price of the common stock may decline significantly if the acquisition of YYEM and the spin-off of the Slinger Bag business is not completed;
  
• uncertainties regarding the company’s focus, strategic plans and other management actions;
  
• the risks associated with potential litigation related to the transactions contemplated by the acquisition of YYEM and the spin-off of the Slinger Bag business or related to any possible subsequent financing transactions or acquisitions or investments;
  
• uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and
  
• other factors, including those set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and subsequent Quarterly Report on Form 10-Q.
  

Forward-looking statements included in this report speak only as of the date each statement is made. Neither the company nor any person undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

FAQ

When will YYAI stock resume trading after the Yuanyu Enterprise Management acquisition?

While November 22nd is anticipated as the first trading day post-closing, the exact date has not been confirmed by Nasdaq yet. The company will make further announcements regarding the trading commencement date.

What is the correction in YYAI's press release about the Yuanyu acquisition?

The correction clarifies that while November 22nd is expected to be the first trading day post-closing, Nasdaq has not yet confirmed the official trading commencement date.

Will YYAI keep its ticker symbol after the Yuanyu Enterprise Management acquisition?

Yes, according to the press release, the new Connexa entity will continue to trade under the YYAI ticker symbol after the acquisition closes.