Connexa Sports Technologies Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
As previously reported, on September 1, 2025, Kong “Luke” Liu resigned from the board of directors (the “Board”) of Connexa Sports Technologies Inc. (the “Company”) and all committees thereof, effective immediately. As an independent director, Mr. Liu was a member of the Company’s audit committee (the “Audit Committee”), nominating and corporate governance committee (the “Nominating and Corporate Governance Committee”) and compensation committee (the “Compensation Committee”).
On September 16, 2025, in accordance with the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Hai Bin Cui to the Board. Mr. Cui will serve as the chairman of the Audit Committee, with Bini Zhu relinquishing that position, and a member of the Nominating and Corporate Governance Committee and the Compensation Committee. The Board has determined that Mr. Cui is an independent director as defined in Nasdaq Rule 5605(a)(2) and SEC Rule 10A-3 and qualifies as an “audit committee financial expert” within the meaning of Item 407(d)(5) of Regulation S-K.
On September 17, 2025, the Company entered into a Director Service and Indemnity Agreement (the “Director Agreement”) with Mr. Cui. Pursuant to the Director Agreement, Mr. Cui will receive compensation for his service on the Board and its committees for cash compensation of $15,000 per financial quarter as payment in arrear.
The foregoing description of the terms of the Director Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Director Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Family Relationships
Mr. Cui does not have a family relationship with any of the current officers or directors of the Company.
Related-Party Transactions
Except as described in the next sentence, there are no related-party transactions with regard to Mr. Cui reportable under Item 404(a) of Regulation S-K. Yuanyu Enterprise Management Co., Limited, the majority-owned subsidiary of the Company, owns approximately 8.7% of the outstanding equity of Brightstar Technology Group Co., Ltd, the Hong Kong-listed company on whose board Mr. Cui serves as chairman, with a fair value of $2,464,615 (or $4,210,385 taking into consideration the guarantee applicable to the shares) as of July 31, 2025.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |
| 10.1 | Director Service and Indemnity Agreement, September 17, 2025, by and between Connexa Sports Technologies Inc. and Hai Bin Cui | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Connexa Sports Technologies Inc. | ||
| a Delaware corporation | ||
| Dated: September 17, 2025 | By: | /s/ Thomas Tarala |
| Chief Executive Officer | ||