Gaxos.ai Exercises Warrants for $3.6M, Boosts AI Portfolio

Gaxos.ai (NASDAQ: GXAI), a technology company focused on reshaping interactions with artificial intelligence, has announced definitive agreements for the immediate exercise of outstanding warrants to purchase approximately 3.01 million shares of common stock at a reduced exercise price of $1.20 per share. The transaction is expected to generate approximately $3.6 million in gross proceeds before fees and expenses, with net proceeds intended for working capital and general corporate purposes. In consideration for the warrant exercise, Gaxos will issue new unregistered warrants to purchase up to approximately 6.02 million shares at an exercise price of $0.95 per share. The offering, for which H.C. Wainwright & Co. is serving as exclusive placement agent, is expected to close on or about Aug. 17, subject to customary closing conditions.

Gaxos.AI is building a portfolio of AI-powered solutions spanning defense, health and wellness, entertainment, and productivity. The company's goal is to make advanced technology more practical, accessible, and transformative. The warrant exercise provides additional capital to support its ongoing initiatives. The full press release is available at https://ibn.fm/QpWtV.

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