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Forum - Wall Street Pit (XpreSpa Group - XSPA)    Stock Due Diligence for All

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From: smokeeater11 (Rep: 59)Date: 03/19/2020 12:25
Forum: Wall Street Pit - Msg #2825729 - List XSPA msgs Thread #674133761 (Rec: 0)
yet another offering. big bagpile bounce off a nickel.

XpresSpa Group Announces Pricing of $1,100,000 Registered Direct Offering Priced At-The-Market

NEW YORK, March 19, 2020 – XpresSpa Group, Inc. (Nasdaq: XSPA) (“XpresSpa” or the “Company”), today announced that it has entered into a securities purchase agreement with institutional investors to purchase approximately $1.1 million of its common shares (or pre-funded warrants to purchase common shares in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules.

Under the terms of the securities purchase agreement, XpresSpa has agreed to sell approximately 6,285,716 common shares (or pre-funded warrants to purchase common shares in lieu thereof). Separately, XpresSpa also has entered into an exchange agreement with certain of its warrant holders to exchange their existing warrants into shares of the Company’s common stock on a 1.5:1 basis effective upon receipt of shareholder approval. The Company has committed to seek that shareholder approval within 90 days.

The gross proceeds to the Company from the registered direct offering is expected to be approximately $1.1 million before deducting fees and other estimated offering expenses. The registered direct offering is expected to close on or about March 19, 2020, subject to the satisfaction of customary closing conditions.

Palladium Capital Advisors, LLC acted as a finder in connection with the offering.

The common shares and pre-funded warrants are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-232764) previously filed and declared effective by the Securities and Exchange Commission (SEC).

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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