XWELL Announces Closing of $4 Million Private Placement Consisting of Convertible Preferred Stock and Warrants

Core Points - XWELL, Inc. has successfully closed a private placement offering of $4 million in Series G Convertible Preferred Stock, along with Series A and Series B warrants [1][2][3] - The net proceeds from this private placement will be utilized for working capital and general corporate purposes, aligning with the strategy outlined in a shareholder letter dated December 5, 2024 [2] - CEO Ezra Ernst stated that the funding will facilitate the development of AI-driven health, wellness, and beauty products, and support the expansion of XWELL locations beyond airports [3] Financial Details - The gross proceeds from the private placement amounted to approximately$4.0 million before deducting offering expenses [2] - The offering included 4,000 shares of Series G Convertible Preferred Stock with an initial conversion price of $1.496, and warrants exercisable at prices of$1.496 for Series A and $1.7952 for Series B [3] Regulatory Information - The securities were offered in transactions exempt from the registration requirements of the Securities Act of 1933, relying on specific exemptions [4] - The company plans to file a registration statement with the SEC to register the resale of common stock issuable upon conversion of the Series G Convertible Preferred Stock and exercise of the related warrants [4][5]