XWELL Inc (NASDAQ: XWEL ) shares are surging on Wednesday following the company’s announcement of a private placement expected to generate significant proceeds.
Here’s what investors need to know .
XWELL shares are climbing with conviction. Why is XWEL stock up today?American Ventures Invests $31.3 Million
The company revealed it entered into a securities purchase agreement with American Ventures, LLC, aiming to raise approximately $31.3 million through the issuance of Series H Convertible Preferred Stock.
This preferred stock is convertible into about 66.66 million shares of common stock at an initial conversion price of 47 cents per share, with accompanying warrants also included in the deal.
Additionally, XWELL plans to utilize 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 earmarked for these actions.
The placement is anticipated to close on or around Thursday.
XWEL Stock Surges Over 200% Wednesday
XWEL Price Action: Xwell shares closed Wednesday up 221.43% at $1.22, according to Benzinga Pro data .
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