Gaxos Announces Offering Of $5 Mln Of Shares; Pre-Market Stock Down

(RTTNews) - Gaxos.ai Inc. (GXAI), a developer of artificial intelligence applications, said on Thursday that it has inked agreements to sell 1.449 million shares at $3.45 per share in a registered direct offering.

The aggregate gross proceeds from the offering, to be closed on or about December 20, are expected to be around $5 million.

Gaxos intends to use the net proceeds for working capital and other general corporate purposes.

In addition, in a concurrent private placement, the company will issue unregistered warrants to purchase up to 1.449 million shares. The warrants will have an exercise price of $3.32 per share, will be exercisable upon issuance, and expire three years following the date of issuance.

GXAI was down by 3.91 percent at $3.190 in the pre-market trade on the Nasdaq.