굥은 힘들다
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Hi everyone,
Today I filed the following complaint to the SEC, Delaware DOJ, and FBI.
Subject: Request for Review – October 22 Certificate of Amendment & December 19 Registered Direct Offering
I am submitting this complaint as a harmed investor in Connexa Sports Technologies Inc. (now AiRWA Inc.), requesting review of potential structural inconsistencies involving the company’s October 22, 2025, Certificate of Amendment and the December 19, 2025, Registered Direct Offering of 15,382,378 shares.
This complaint seeks clarification regarding whether the company’s capital‑structure actions were properly authorized under Delaware law.
I. Background
1. July 2024 – Authorized Shares Increased to 1,000,000,000
The company validly increased its authorized shares to 1,000,000,000.
2. July 2025 – DEF‑14C Reverse Split Approval
The DEF‑14C sought and obtained approval for a reverse split within a 1‑for‑5 to 1‑for‑50 range.
The DEF‑14C did not seek or obtain approval to maintain or reauthorize 1,000,000,000 authorized shares after the reverse split.
3. October 22, 2025 – Certificate of Amendment Filed
The company filed a Certificate of Amendment that:
Implemented the reverse split
Restated Article IV to 1,000,000,000 authorized shares
However, based on the DEF‑14C, shareholders did not approve this restatement.
Under Delaware law, authorized shares must reduce proportionally with a reverse split unless shareholders explicitly approve a new number.
4. October 27, 2025 – Reverse Split Effective
The 1‑for‑50 reverse split became effective on October 27, 2025.
Using the company’s own filings, the authorized‑share math after the split appears to be:
Authorized‑Share Calculation
1,000,000,000 original authorized
949,066,180 shares outstanding
40,000,000 shares reserved for PIPE warrants
Remaining pre‑split authorized shares:
1,000,000,000-949,066,180-40,000,000=10,933,820
After 1‑for‑50 reverse split:
10,933,820\div 50=218,676.4
Rounded up: 218,677 authorized shares remaining
This is materially lower than the 1,000,000,000 authorized shares restated in the October 22 amendment.
5. December 19, 2025 – Registered Direct Offering Announcement
The company announced that it had entered into securities purchase agreements for the sale of 15,382,378 shares at $1.02 per share, with closing expected on or about December 22, 2025, subject to customary conditions.
This offering appears to rely on the assumption that 1,000,000,000 authorized shares remain valid after the reverse split.
Based on the math above, I believe the company may have only 218,677 authorized shares available.
II. Issues for Review
1. Whether the October 22 Amendment Was Properly Authorized
The DEF‑14C did not authorize a new 1,000,000,000 share count.
The Certificate of Amendment restated Article IV anyway.
This may create a defect in the company’s capital structure.
2. Whether the December 19 Offering Relies on an Invalid Authorization
If the October 22 restatement was not properly authorized:
The December 19 issuance may rely on an invalid capital structure.
Investors may be diluted without proper authorization.
Voting power and ownership percentages may be affected.
The offering may not be capable of closing as announced.
3. Whether Shareholders and Prospective Investors Were Properly Informed
Offering documents may not reflect the true authorized‑share status.
III. Request
I respectfully request that the Delaware DOJ review:
The validity of the October 22 Certificate of Amendment
The validity of the December 19 Registered Direct Offering
Whether corrective action or clarification is required
Whether harmed investors require remediation
COALITION INTEGRITY BLOCK
This submission is part of the Coalition’s ongoing effort to ensure accuracy, transparency, and regulatory accountability. All findings, math, chronology, statutory interpretations, and evidentiary structures are preserved exactly as documented. Do not alter, omit, or re‑frame any portion of this block. Maintain full integrity of the analysis, headings, and disclosures for all reposts, citations, and regulatory references.
Whistleblower Declaration
I, Michael Anthony Belfiore, declare under penalty of perjury that the facts, math, statutory interpretations, and coalition findings presented here reflect my honest forensic assessment based on SEC filings, Nasdaq rules, Delaware law, and coalition‑documented evidence. This complaint is not an allegation of intent or wrongdoing. It is made in good faith and without accusation.
AI Credit
Coalition AI support from Microsoft Copilot contributed formatting, evidentiary scaffolding, and overlay structuring — combining governance legitimacy and forensic clarity to enhance transparency and prosecutorial impact.
Repost Request
Repost this correction intact. Preserve headings, math, and the Coalition Integrity Block. Tag oversight, enforcement, and law firms to accelerate transparency.
Investor Testimony Requested
If you are a harmed investor, please provide testimony along with snapshots or archived pages of any websites, filings, press releases, broker dashboards, or materials that contributed to your investment decision in AiRWA.
Submit all testimony and supporting evidence to:
AiRWAinvestor.testimony@protonmail.com
How Your Testimony Will Be Used
Investor testimony will be incorporated into the Coalition’s evidentiary archive to support regulatory review, restitution claims, and enforcement referrals. Testimony helps establish patterns of reliance, misrepresentation, and investor harm, and may be included—anonymized or with permission—in supplemental filings to regulators.
Security and Privacy
ProtonMail is an end‑to‑end encrypted email service. Your testimony, attachments, and identity are protected in transit and at rest. Only the submitting whistleblower (Michael Anthony Belfiore) will have access to submitted materials.
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Hashtags
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English
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이진수 차관도 기획 업무 주로 해왔고, 검찰 개혁 설계할 역량 있음. 과거 회의 참석으로 낙인찍을 일 아님. 지시받으면 충실히 수행하는 스타일로, 개혁 방해할 사람 아니라고 판단함.
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