Gaxos.ai Inc. (NASDAQ: GXAI), a company developing artificial intelligence applications across various sectors, has entered into a definitive agreement for the exercise of certain existing warrants. The agreement outlines the purchase of 1,256,734 shares of certain of its common stock at a reduced exercise price of $2.58 per share. According to the announcement, the offering is expected to close today, subject to closing conditions. The company plans to use funds from the offering, which is anticipated to total an estimated $3.24 million before standard deductions and fees, for working capital and other general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
“In consideration for the immediate exercise of the existing warrants for cash, the company will issue new unregistered warrants to purchase up to an aggregate of 2,513,468 shares of common stock (the ‘new warrants’),” said the press release. “The new warrants will be immediately exercisable at an exercise price of $2.33 per share. New warrants to purchase 1,256,734 shares of common stock will have a term of five and one-half years from the issuance date, and new warrants to purchase 1,256,734 shares of common stock will have a short term of twenty-four months from the issuance date.”
To view the full press release, visit https://ibn.fm/cwJPQ
About Gaxos.ai Inc.
Gaxos.ai isn’t just developing applications; it’s aim is to redefine the human-AI relationship. Our offerings are being expanded to include health and wellness, as well as gaming. We’re committed to addressing health, longevity, and entertainment, through AI solutions. For more information about the company, visit www.Gaxos.ai.
NOTE TO INVESTORS: The latest news and updates relating to GXAI are available in the company’s newsroom at http://ibn.fm/GXAI
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