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Gaxos.ai Inc. (NASDAQ:GXAI), ("Gaxos" or the "Company"), a company developing artificial intelligence applications across various sectors, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 628,367 shares of common stock (or pre-funded warrant in lieu thereof), 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 per share (or per pre-funded warrant in lieu thereof) and accompanying warrants, in a private placement priced at-the-market under Nasdaq rules. The series A warrants and short-term series B warrants will have an exercise price of $5.50 per share and will be exercisable immediately upon issuance. The series A warrants will expire five and one-half years from the date of issuance and the short-term series B warrants will expire twenty-four months from the date of issuance. The private placement is expected to close on or about March 15, 2024, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $3.5 million, prior to deducting placement agent's fees and other offering expenses payable by Gaxos. Gaxos intends to use the net proceeds from the offering for working capital and other general corporate purposes.
Posted In: GXAI
