AINewsBreaks – Gaxos.ai Inc. (NASDAQ: GXAI) Closes on $3.5M Private Placement

Gaxos.ai (NASDAQ: GXAI), a company developing artificial intelligence applications across various sectors, announced that it has closed its previously announced private placement. The private placement comprised 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 price of $5.57 per unit (or per pre-funded warrant in lieu thereof) and accompanying warrants priced at-the-market under Nasdaq rules.

The series A warrants and short-term series B warrants have an exercise price of $5.50 per unit and will be exercisable upon issuance. The announcement noted that the series A warrants expire five and one-half years from the date of issuance, while the short-term series B warrants expire twenty-four months from the date of issuance. The private placement raised approximately $3.5 million in gross proceeds prior to deductions. Gaxos intends to use the net proceeds from the offering for working capital and other general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent.

To view the full press release, visit https://ibn.fm/91Izd

About Gaxos.ai Inc.

Gaxos.ai isn’t just developing applications; it’s redefining the human-AI relationship. The company’s offerings span health and wellness as well as gaming. Gaxos.ai is committed to addressing health, longevity, and entertainment, through AI solutions. For more information about the company, visit www.gaxos.ai.

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