Gaxos.ai secures $3.5 million in private placement

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ROSELAND, NJ – Gaxos.ai Inc. (NASDAQ: GXAI), a developer of artificial intelligence applications, has announced a private placement of securities expected to raise approximately $3.5 million. The transaction includes the sale of common stock and series A and B warrants, with the closing anticipated on or about March 15, 2024, subject to customary conditions.

The private placement involves 628,367 shares of common stock or equivalent pre-funded warrants, alongside series A and short-term series B warrants to purchase additional shares at $5.57 per share or warrant.

Series A warrants can be exercised at $5.50 per share and are valid for five and a half years from issuance, while series B warrants will expire in twenty-four months.

H.C. Wainwright & Co. is the exclusive placement agent for the offering. The proceeds are earmarked for working capital and general corporate purposes. The securities, which have not been registered under the Securities Act of 1933 or state securities laws, are offered under exemptions, and the company has agreed to file a resale registration statement for the securities.

This announcement is informational and does not constitute an offer to sell or a solicitation to buy the securities. The offering is only available in jurisdictions where such transactions are lawful and not in violation of securities laws.

Gaxos.ai is expanding its AI applications into health, wellness, and gaming sectors, aiming to transform the human-AI relationship. The company’s strategic focus is on enhancing health, longevity, and entertainment through innovative AI solutions.

This press release statement serves as the basis for the information provided, and no offer or sale of these securities will proceed in any state or jurisdiction where such actions would contravene local securities laws.

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