Connexa Sports Technologies announces 1-for-20 reverse stock split

Connexa Sports Technologies announced that it will effect a 1-for-20 reverse stock split of its common stock, par value $0.001 per share. The common stock will continue to be traded on Nasdaq under the symbol “YYAI” and will begin trading on a reverse split-adjusted basis when the market opens on June 27. Post-reverse split, the number of the company’s outstanding shares will be 2,042,669. The reverse stock split is intended to increase the market price of the company’s common stock to regain compliance with the minimum bid price requirement for continued listing on Nasdaq, but there can be no assurance that the reverse split will have such effect. Following the reverse split, the company must see a closing bid price of its common stock of at least $1.00 per share for a minimum of ten consecutive trading days in order to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.