Gaxos.ai Inc. Completes $5 Million Direct Offering for Growth

Gaxos.ai Inc. Finalizes $5 Million Registered Direct Offering

Gaxos.ai Inc. (Nasdaq: GXAI) has successfully closed its $5 million registered direct offering, marking a pivotal moment in its journey to enhance artificial intelligence applications across multiple sectors. This financial boost comes as the company aims to expand its product offerings and enhance operations within the AI landscape.

Details of the Offering

In this significant transaction, Gaxos.ai issued a total of 1,449,277 shares of common stock at a price of $3.45 per share. The offering was structured according to the rules established by Nasdaq, allowing Gaxos to efficiently manage its financial needs while complying with regulatory standards.

Warrant Issuance

Alongside the share offering, Gaxos.ai conducted a concurrent private placement which involved issuing unregistered warrants. These warrants enable the purchase of an equivalent number of shares at an exercise price of $3.32 per share. Investors can exercise these warrants immediately, with a three-year expiration period.

Utilization of Proceeds

The gross proceeds from this offering will primarily be utilized for working capital and various general corporate purposes. The funds received are crucial for Gaxos.ai as they continue to innovate and develop solutions aimed at improving the human-AI relationship.

Role of H.C. Wainwright & Co.

H.C. Wainwright & Co. served as the exclusive placement agent for this offering, ensuring that the process was handled with expertise and precision. Their role included advising Gaxos on the structuring and execution of this strategic financial move.

Regulatory Compliance and Transparency

The shares offered were made under a “shelf” registration statement on Form S-3 with the Securities and Exchange Commission (SEC). This compliance guarantees that investors have access to all necessary information through an effective prospectus. Transparency in investment offerings is crucial for maintaining investor trust and market integrity.

Warrant Registration Status

It’s important to note that the warrants and the underlying shares have not been registered under the Securities Act or state securities laws. As a result, these securities can’t be sold in the United States unless they meet specific registration or exemption criteria.

Focusing on Health and Wellness

Gaxos.ai is not just about technology; it's about transforming lives. The company is working to blend AI into health and wellness sectors, aiming to leverage technology to enhance human life. Their focus extends into gaming, where AI solutions can redefine user experiences and engagement.

Company Overview of Gaxos.ai Inc.

Gaxos.ai is innovating at the intersection of technology and personal engagement by addressing pressing needs via artificial intelligence. The company’s vision encompasses a commitment to solving key issues related to health, longevity, and entertainment with their diverse AI solutions.

Frequently Asked Questions

What is the purpose of Gaxos.ai's $5 million offering?

The funds raised will be used for working capital and general corporate purposes to support the growth and innovation of Gaxos.ai’s AI applications.

Who was involved in the direct offering?

H.C. Wainwright & Co. acted as the exclusive placement agent for the registered direct offering.

What type of securities were offered in this transaction?

Gaxos.ai offered shares of its common stock and issued unregistered warrants which can be exercised to obtain additional shares.

How does Gaxos.ai plan to utilize its AI technology?

The company plans to expand its AI applications into health, wellness, and gaming sectors, enhancing the human experience through technology.

What are the next steps for Gaxos.ai following this offering?

Following this offering, Gaxos.ai will focus on utilizing the proceeds to enhance its projects and continue developing its product range.

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