By Denny Jacob
Shares of Gaxos.ai dropped 21% after reaching agreements for the purchase and sale of about 1.3 million shares of its common stock.
The company's stock was trading around $2.83, and is down 32% on the year.
The artificial intelligence applications developer said its shares will be purchased at $3 a share. Additionally, in a concurrent private placement, it will issue unregistered warrants to purchase up to 1.3 million shares of common stock that will have an exercise price of $3 a share.
Gaxos.ai expects around $4 million in aggregate gross proceeds from the offering. It intends to use the offering's net proceeds for working capital and other general corporate purposes.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 27, 2024 10:57 ET (15:57 GMT)
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