XWEL Inc (NASDAQ:XWEL) Shares are rising on Wednesday following the company’s announcement of a private placement expected to generate significant proceeds.
Here’s what investors need to know.
American Ventures is investing $31.3 million
The company announced that it had entered into a securities purchase agreement US Corporations, LLC, with the goal of raising approximately $31.3 million through the issuance of Series H Convertible Preferred Stocks.
These preferred shares are convertible into approximately 66.66 million common shares at an initial conversion price of 47 cents per share, with associated warrants also included in the deal.
In addition, XWELL plans to use the proceeds to repurchase $5.95 million of certain notes from institutional investors and redeem its Series G preferred stock, with a total cash outlay of $9 million for these actions.
The installation is expected to be completed on or around Thursday.
XWEL Shares Soar More Than 200% on Wednesday
XWEL Price Promotion: Xwell shares closed 221.43% higher at $1.22 on Wednesday, according to data from Benzinga Pro.
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