Lucosky Brookman Represents Connexa Sports Technologies in Strategic YYEM Acquisition
Connexa Sports Technologies Inc. (NASDAQ: YYAI) has successfully completed the acquisition of an additional 50% stake in Yuanyu Enterprise Management Co., Limited (YYEM), bringing its total ownership to 70%.
The transaction, which received Nasdaq confirmation for post-acquisition trading to commence on November 22, 2024, includes a change of control, appointment of new officers and directors, and the spin-off of the Slinger Bag business.
The acquisition positions Connexa in the rapidly emerging Love and Marriage sector, where YYEM operates with its portfolio of patents, technologies, and algorithms driving big data and matchmaking analyses.
"I thank the outgoing directors for their service to Connexa and look forward to an exciting future as we take the company forward into the Love and Marriage sector," said Mr. Zhou, Chairman of YYEM and a new member of Connexa's Board of Directors.
Key transaction highlights include:
- 70% ownership stake in YYEM following the additional acquisition
- Complete corporate restructuring with new management
- Successful spin-off of the Slinger Bag business
- Continued trading on Nasdaq under ticker YYAI
Lucosky Brookman served as legal counsel in this transformative transaction, which establishes Connexa as a significant player in the Love and Marriage sector.
With YYEM's established technological infrastructure and proven revenue model through royalties, the company is well-positioned for growth in this innovative market segment.