Source: Investing Published 12/27/2024, 16:05
ROSELAND, NJ – Jaxos.ai (NASDAQ:GXAI), an artificial intelligence (AI) developer, announced the sale of 1,346,669 shares of common stock at $3.00 per share in a registered direct offering, according to a press release on Dec. 27, 2024. The stock, currently trading at $3.58, has shown significant momentum, up nearly 50% over the past week, according to InvestingPro data.
The deal is scheduled to close around Dec. 30, 2024, with customary closing conditions. The company expects to raise approximately $4 million before fees and expenses. The offering comes at a time when Jaxos.ai maintains a strong liquidity position.
with InvestingPro data showing a healthy current ratio of 17.12 and cash balances in excess of debt obligations.
At the same time, Jaxos.ai will issue unregistered warrants in a private placement, allowing holders to purchase an equal number of shares at the same price, exercisable immediately and expiring three years from the date of issuance. The common stock is being offered pursuant to a filing with the Securities and Exchange Commission (SEC) that became effective on December 18, 2024.
H.C. Wainwright & Co. is acting as exclusive agent for the offering. Jaxos.ai intends to use the net proceeds for working capital and general corporate purposes.
The common stock is available through a prospectus supplement and accompanying prospectus.
which are part of the registration statement filed with the Securities and Exchange Commission (SEC). Interested parties may obtain these documents from the SEC’s website or directly from H.C. Wainwright & Co.
The company has not registered the warrants, along with the shares of common stock they represent.
under the Securities Act of 1933. As a result, the sale of these warrants is subject to certain conditions in the United States.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. It also contains forward-looking statements regarding the completion of the offering and the potential financial impact on Jaxus.ai’s operations.
Jaxus.ai, which is expanding its AI offerings to include health and wellness.
in addition to gaming, aims to redefine the relationship between humans and AI and address sectors such as health, longevity and entertainment through its solutions.
The information contained herein is based on a press release and is for factual informational purposes only.
In other recent news, Jaxus.ai, a developer of artificial intelligence applications, announced a registered direct offering of shares and a simultaneous private placement of warrants. The company plans to sell approximately 1.45 million shares of common stock at a price of $3.45 per share.
expecting gross proceeds of approximately $5 million before fees and expenses. In addition to the offering of shares, Jaxos.ai will issue warrants in a private placement allowing holders to purchase up to 1.45 million additional shares at a price of $3.32 per share. These warrants are immediately exercisable and will expire three years from the date of issuance.
The offering will generate proceeds that the company intends to use for working capital and general corporate purposes. The company expects to close the offering on or about December 20, 2024, with H.C. Wainwright & Co. acting as the exclusive agent for the offering.
In other developments, Jaxos.ai has launched Jaxos Labs, a suite of artificial intelligence tools for game developers.
and has modified its financial strategy by reducing the strike price of certain existing warrants and issuing new warrants. The company is issuing new unregistered warrants for up to 2.51 million shares of common stock at a price of $2.33 per share.
which will generate gross proceeds of approximately $3.24 million before fees and offering expenses. These developments align with Jaxos.ai’s broader financial strategy, and the company plans to use the net proceeds for working capital and other general corporate purposes.
