Core Viewpoint - Gaxos.ai Inc. has announced a registered direct offering of 1,449,277 shares of common stock at a price of $3.45 per share, along with a concurrent private placement of unregistered warrants to purchase the same number of shares at an exercise price of $3.32 per share [1][2]. Group 1: Offering Details - The total gross proceeds from the offering are expected to be approximately $5 million before deducting fees and expenses [2]. - The closing of the offering is anticipated to occur on or about December 20, 2024, subject to customary closing conditions [1]. - The shares are being offered under a shelf registration statement that became effective on December 18, 2024 [3]. Group 2: Use of Proceeds - The company intends to use the net proceeds from the offering for working capital and other general corporate purposes [2]. Group 3: Warrants Information - The warrants will be exercisable upon issuance and will expire three years after the date of issuance [1]. - The warrants and the underlying shares of common stock have not been registered under the Securities Act and may not be offered or sold in the U.S. without an effective registration statement or applicable exemption [4]. Group 4: Company Overview - Gaxos.ai is focused on developing artificial intelligence applications across various sectors, including health, wellness, and gaming, aiming to redefine the human-AI relationship [6].

Core Insights - Gaxos.ai Inc. has successfully integrated Recraft AI into its Gaxos Labs platform, enhancing its artificial intelligence solutions for game developers and publishers [1][2] - The integration aims to simplify the labor-intensive game development process, aligning with Gaxos's goal of providing an all-in-one AI solution for the gaming industry [2] - Recraft AI specializes in premium image generation and editing, offering a variety of styles and features that support designers in creating high-quality visuals [3][4] Company Overview - Gaxos.ai Inc. is focused on redefining the human-AI relationship, with applications spanning health, wellness, and gaming sectors [5] - Founded in 2022 and headquartered in London, Recraft AI has gained trust from over 2 million users across 200 countries, including notable companies like Netflix and Airbus [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41620 GAXOS.AI INC. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------- ...

Roseland, NJ, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Gaxos.ai Inc. ("Gaxos" or the "Company"), a company developing artificial intelligence applications across various sectors, announced today that the Company’s Board of Directors approved the purchase of up to $1 million in Bitcoin.  “As demand for Bitcoin grows and so does its acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset,” said Vadim Mats, CEO of Gaxos. “With recent approval of Bitcoin ETF ...

A Media Snippet accompanying this announcement is available by clicking on this link. ROSELAND, N.J., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Gaxos.ai Inc. ("Gaxos" or the "Company"), a company developing artificial intelligence applications across various sectors, today revealed the official launch of Gaxos Labs, its cutting-edge artificial intelligence solution for game developers and publishers. Gaxos Labs empowers game developers to accelerate the development process, enhance creativity and increase revenue ...

Roseland, NJ, Sept. 20, 2024 (GLOBE NEWSWIRE) -- 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 a definitive agreement for the exercise of certain existing warrants to purchase an aggregate of 1,256,734 shares of its common stock originally issued in March 2024 and having an original exercise price of $5.50 per share, at a reduced exercise price of $2.58 per share. The issuan ...

Roseland, NJ, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Gaxos.ai Inc. ("Gaxos" or the "Company"), a company developing artificial intelligence applications across various sectors, today announced that it will participate in the upcoming Unite 2024 Conference on September 18th - 20th in Barcelona, Spain. "We are excited to be part of Unity's Unite 2024 conference," said Vadim Mats, CEO of Gaxos. "As we engage with development communities, gamers, and industry leaders, we forge meaningful relationships that facilita ...

AI-Driven Initiatives - The company launched four proprietary games in 2023: Space Striker AI, Brawl Bots, BattleFleet AI, and Jigsaw Puzzle AI, all featuring AI-driven personalization and NFT capabilities[92] - Gaxos Gaming plans to launch an AI solution for game developers in Q3 2024, featuring AI-powered creativity, seamless integration, dynamic content generation, and customized solutions[93][94] - Gaxos Health, a new AI-powered health optimization initiative, is expected to launch in the second half of 2024, focusing on personalized wellness strategies using biometric data[95] Financial Performance and Expenses - Operating expenses for the three months ended June 30, 2024, increased by $85,902 (11.2%) compared to the same period in 2023, totaling $854,503[104] - Research and development expenses decreased by $18,277 (6.8%) for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to reduced costs for Gaxos Games development[105] - General and administrative expenses for the three months ended June 30, 2024, increased by $156,542 (34.9%) compared to the same period in 2023, totaling $605,162[106] - Compensation and related benefits decreased by $54,019 (26.0%) for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to reduced executive and employee compensation[107] - Professional fees increased by $176,657 (162.0%) for the three months ended June 30, 2024, compared to the same period in 2023, driven by higher advisory and other professional fees[108] - Other general and administrative expenses increased by $33,904 (25.7%) for the three months ended June 30, 2024, compared to the same period in 2023, mainly due to higher advertising and marketing expenses[109] - The company reported a loss from operations of $854,503 for the three months ended June 30, 2024, an increase of $85,902 (11.2%) compared to the same period in 2023[111] - Net loss for Q2 2024 increased by $55,194 (7.3%) to $809,238 compared to Q2 2023[114] - Total comprehensive loss for Q2 2024 increased by $67,798 (9.2%) to $802,193 compared to Q2 2023[114] - Net loss for the six months ended June 30, 2024 decreased by $568,692 (24.8%) to $1,721,383 compared to the same period in 2023[114] - Total comprehensive loss for the six months ended June 30, 2024 decreased by $438,517 (19.5%) to $1,813,753 compared to the same period in 2023[114] - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead, R&D, and public company costs[117] Cash Flow and Liquidity - Cash balance on June 30, 2024 was $2,371,933 with short-term investments of $2,099,122 and working capital of $4,495,777[115] - Net cash used in operations for the six months ended June 30, 2024 was $1,837,867, primarily due to net loss of $1,721,383[118] - Net cash provided by investing activities for the six months ended June 30, 2024 was $147,604, mainly from sale of short-term investments of $2,617,205[120] - Net cash provided by financing activities for the six months ended June 30, 2024 was $3,037,486, primarily from private placement net proceeds of $3,056,984[121] - The company believes its existing working capital and cash on hand will meet operating needs and debt requirements for the next 12 months[117]

Roseland, NJ, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Gaxos.ai Inc. ("Gaxos" or the "Company"), a company developing artificial intelligence applications across various sectors, today announced that it will participate in the upcoming Devcom Developer Conference on August 18th - Aug 20th and Gamescom Conference on August 21st – 25th in Cologne, Germany. "We are excited to be part of Devcom and Gamescom this year," said Vadim Mats, CEO of Gaxos. "These conferences provide us with a fantastic opportunity to engage ...

Born from a fusion of passion and generative AI, Meshy transforms text and images into dazzling 3D masterpieces in mere moments. Meshy is not just streamlining 3D design; Meshy unlocks a universe of creative possibilities. "We are thrilled to partner with Gaxos and bring our advanced 3D generative AI features to their users," said Ethan Hu, CEO of Meshy. "This collaboration allows us to offer innovative tools that make it easier for game developers to create detailed and immersive 3D models." Gaxos.AI isn't ...