Connexa Shareholders Approve Transaction to Acquire Yuanyu Enterprise Management

• A change-of-control and spin-off of Slinger Bag
  also receive shareholder consent
  
• The close of these transactions remains subject to Nasdaq Approval

Windsor Mills, MD, May 17, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq: YYAI), the owner of Slinger Bag and Gameface AI, announced that at its AGM, held on May 15, the company’s shareholders approved the acquisition of Yuanyu Enterprise Management Co., Limited (“YYEM”). Pending Nasdaq approval of the related change of control, Hongyu Zhou, the sole shareholder of YYEM, will own a controlling interest in Connexa.

“Following our recent announcement to acquire 70% of YYEM, as a pathway to deliver enhanced value to all of our shareholders, we are grateful to our shareholders for their support of the board in approving this transaction,” commented Mike Ballardie, CEO of Connexa.

“On receiving the approval of the company’s listing application from Nasdaq, Connexa will proceed to issue approximately 162 million shares of common stock to Hongyu Zhou, the sole shareholder of YYEM, to complete the transaction, leaving him with a controlling interest in Connexa. On the close of this transaction, Mr. Zhou will effect, and Connexa will accept, a change-of-control of Connexa, with all Slinger Bag assets and liabilities being divested to a privately held company,” concluded Ballardie.

Press release ends

More detailed information on Connexa Sports Technologies and Slinger Bag can be found at www.connexasports.com

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:
[e-mail]
www.connexasports.com

About Yuanyu Enterprise Management Co., Limited

Yuanyu Enterprise Management Co., Limited (YYEM) operates across the rapidly emerging love & marriage sector. YYEM owns numerous patents, technologies and algorithms that drive its big data and matchmaking analyses, deriving its current revenues from royalties. YYEM has multiple licensing agreements in place for non-Asia regions and, in addition, plans to open subsidiary companies in core Asia markets.