XWELL Announces Closing of $1.4 Million Registered Direct Offering Priced At Premium to Market
Rhea-AI Summary
XWELL, Inc. (Nasdaq: XWEL) has successfully closed its previously announced registered direct offering, raising approximately $1.4 million in gross proceeds. The company issued and sold 652,705 shares of common stock at a purchase price of $2.18 per share, which was priced at a premium to market. XWELL intends to use the net proceeds for working capital and general corporate purposes.
The offering was conducted under a shelf registration statement on Form S-3 that was filed with the SEC on August 4, 2023, and declared effective on September 29, 2023. A final prospectus supplement and accompanying base prospectus have been filed with the SEC and are available on their website.
Positive
- Successful closing of $1.4 million registered direct offering
- Offering priced at a premium to market at $2.18 per share
- Funds to be used for working capital and general corporate purposes
Negative
- Potential dilution of existing shareholders' ownership
News Market Reaction – XWEL
On the day this news was published, XWEL declined 12.98%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), an authority in wellness solutions for people on the go, today announced the closing of its previously announced registered direct offering priced at a premium to market for the issuance and sale of an aggregate of 652,705 shares of its common stock, par value
The gross proceeds to the Company from the offering were approximately
The shares of common stock offered in the registered direct offering described above were offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-273726) that was previously filed with the Securities and Exchange Commission (“SEC”) on August 4, 2023, and subsequently declared effective on September 29, 2023. The offering of the shares of common stock issued in the registered direct offering was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the registered direct offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About XWELL, Inc.
XWELL, Inc. (Nasdaq: XWEL) is a leading global wellness holding company operating multiple brands: XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™.
- XpresSpa is a leading retailer of wellness services and related products, with 33 locations in 16 airports globally.
- Naples Wax Center is a group of upscale skin care boutiques, with three locations currently operating.
- XpresCheck is a provider of screening and diagnostic testing in partnership with the CDC and Concentric by Ginkgo, conducting biosurveillance monitoring in its airport locations to identify new SARS-CoV-2 variants of interest and concern as well as other pathogens entering the country from across the world.
- HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.
Forward-looking Statements
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology, and include such risks and uncertainties such as market and other conditions. Forward-looking statements relating to expectations about future results or events, including statements related to the intended use of proceeds the registered direct offering, the Company’s current plans and expectations relating to the business and operations and future store openings, including but not limited to, future openings of Naples Wax Center and XpresSpa stores, are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other SEC filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
FAQ
How much did XWELL (XWEL) raise in its recent registered direct offering?
At what price were XWEL shares sold in the August 2024 offering?
How many shares of XWEL stock were issued in the August 2024 offering?
What will XWELL (XWEL) use the proceeds from the August 2024 offering for?
