Why Is Connexa Sports Technologies (CNXA) Stock Up 31% Today?


  • Connexa Sports Technologies (CNXA) stock is rising on Thursday alongside recent news.
  • That includes a new shareholder with over a 5% stake in the company.
  • It also announced a secondary stock offering from one of its shareholders.
CNXA Stock - Why Is Connexa Sports Technologies (CNXA) Stock Up 31% Today?

Source: Shutterstock

Connexa Sports Technologies (NASDAQ:CNXA) stock is rising higher on Thursday, alongside a couple of pieces of news traders will want to know about.

The first bit of news worth mentioning is Sapir LLC taking a 5.9% stake in the sports company. The company gets this stake from the 224,472 shares of CNXA stock that it holds.

Investors will note that Sapir LLC didn’t spend any money to acquire these shares of CNXA stock. Instead, the shares were issued to Sapir LLC in lieu of payment for its consulting services to Connexa Sports Technologies.

CNXA Stock Offering News

The second bit of news investors in CNXA stock need to know about is a share offering. The company has filed a prospectus for an offering of shares by a selling stockholder.

Armistice Capital Master Fund Ltd is the stockholder behind this share sale. The company plans to sell up to 5,365,871 shares of CNXA stock from time to time. That includes 5,141,399 shares and several sets of warrants issued to it.

Connexa Sports Technologies will see no funds from the stock sale. However, it could see gross proceeds of $9,768,658 if the warrants are exercised.

CNXA stock is up 31.3% as of Thursday morning, with some 6.5 million shares changing hands. Its daily average trading volume is about 1 million shares.

Investors can find more of the latest stock market news down below!

We have all of the hottest market news worth reading about on Thursday! Among that is what has shares of Aditxt (NASDAQ:ADTX) stock up, the biggest pre-market stock movers this morning and more. All of that news is available at the following links!

More Stock Market News for Thursday

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/11/why-is-connexa-sports-technologies-cnxa-stock-up-31-today/.

©2024 InvestorPlace Media, LLC