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

Core Viewpoint - XWELL, Inc. has successfully closed a private placement offering of $4 million in Series G Convertible Preferred Stock, which will be utilized for working capital and corporate purposes, supporting the company's growth strategy in wellness solutions [1][2][3]. Group 1: Financial Details - The gross proceeds from the private placement amounted to approximately$4.0 million, before deducting offering expenses [2]. - The private placement involved the issuance of 4,000 shares of Series G Convertible Preferred Stock with an initial conversion price of $1.496, along with Series A and Series B warrants exercisable at prices of$1.496 and $1.7952, respectively [3]. Group 2: Strategic Intent - The funding will enable the advancement of AI-driven health, wellness, and beauty products, and support the expansion of XWELL locations beyond airports [3]. - The company aims to enhance its integrated branding efforts as part of its strategy outlined in a shareholder letter dated December 5, 2024 [2][3]. Group 3: Regulatory and Compliance - The securities offered in the private placement were exempt from registration requirements under the Securities Act, and the company plans to file a registration statement with the SEC for the resale of common stock [4][5]. - Full conversion of the Series G Convertible Preferred Stock and exercise of the accompanying warrants are subject to stockholder approval [5]. Group 4: Company Overview - XWELL, Inc. operates multiple wellness brands including XpresSpa®, Treat™, Naples Wax Center®, XpresCheck®, and HyperPointe™, positioning itself as a leading global wellness holding company [7].