Connexa Sports Technologies (NASDAQ: CNXA) share price almost doubled after regaining compliance with the Nasdaq Minimum Shareholder Equity Rule.
Connexa Sports Technologies (CNXA) has just announced a significant financial uplift. The Nasdaq has officially confirmed that the company has regained compliance with its minimum shareholder equity rule. This achievement comes after CNXA successfully attracted a significant investment of $16.5 million from three non-US investors.
CEO Mike Ballardie expressed his delight, stating,
“Following productive discussions, I am thrilled to welcome our three new non-US investors into the company.”
He further emphasized that this infusion of funds strengthens their financial position and helps CNXA meet the shareholder equity compliance threshold outlined in Nasdaq listing requirements. This positive development is backed by an 8-K filing issued by the company last week.
This positive news follows Connexa Sports Technologies’ December report on the success of its AI-driven Slinger App for tennis. The company received highly favorable feedback from initial beta testers, showcasing the promising potential of their innovative technology.
Connexa (NASDAQ: CNXA) Stock Reaction
CNXA stock soared 94.42% on Wednesday. The traders had exchanged hands with 231,565,410 (231.56 million) shares compared to the average daily trading volume of 4.22 million.
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