Gaxos.ai Inc. Announces $3.5M Private Placement For The Purchase And Sale Of ~628,367 Shares Of Stock, Series A Warrants To Purchase Up To 628,367 Shares Of Common Stock And Short-Term Series B Warrants To Purchase Up To 628,367 Shares Of Common Stock At A Purchase Price Of $5.57/Share And Accompanying Warrants
Portfolio Pulse from Benzinga Newsdesk
Gaxos.ai Inc. (NASDAQ:GXAI) announced a $3.5M private placement for the sale of approximately 628,367 shares and warrants. The offering includes common stock and series A and B warrants at $5.57/share, with the warrants exercisable immediately at $5.50/share. Series A warrants expire in 5.5 years, and series B in 24 months. The placement, managed by H.C. Wainwright & Co., aims to close by March 15, 2024, with proceeds for working capital and general corporate purposes.

March 13, 2024 | 7:17 pm
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Gaxos.ai Inc. announces a $3.5M private placement at $5.57/share, including series A and B warrants, managed by H.C. Wainwright & Co., with proceeds aimed at working capital and general corporate purposes.
The announcement of a private placement typically indicates a company's confidence in its future prospects and its ability to attract investment. The specific details of the offering, such as the inclusion of series A and B warrants, suggest a structured approach to financing that could appeal to investors. The immediate exercisability of the warrants at a price slightly below the placement price could be seen as an incentive for participation. The intended use of proceeds for working capital and general corporate purposes indicates a strategic move to strengthen the company's financial position and support its ongoing projects, potentially leading to positive investor sentiment.
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