XpresSpa Group Announces Pricing of $2,000,000 Registered Direct Offering Priced At-The-Market
March 27 2020 - 02:48PM
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
$2.0 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 10,000,000 common shares (or
pre-funded warrants to purchase common shares in lieu thereof). The
gross proceeds to the Company from the registered direct offering
is expected to be approximately $2.0 million before deducting fees
and other estimated offering expenses. The registered direct
offering is expected to close on or about March 30, 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.
About XpresSpa Group, Inc.XpresSpa Group,
Inc. (Nasdaq: XSPA) is a health and wellness holding company.
XpresSpa Group’s core asset, XpresSpa, is a leading airport
retailer of spa services and related health and wellness products,
with 51 locations in 25 airports
globally. XpresSpa offers services that are tailored
specifically to the busy travel customer. XpresSpa is
committed to providing exceptional customer experiences with its
innovative premium spa services, as well as luxury travel products
and accessories. XpresSpa provides almost one million
services to customers per year at its locations in the United
States, Netherlands, and the United Arab Emirates. To
learn more about XpresSpa Group,
visit: www.XpresSpaGroup.com. To learn more
about XpresSpa, visit www.XpresSpa.com.
Forward-Looking StatementsThis press release
may contain "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These include statements preceded
by, followed by or that otherwise include the words "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. These statements include,
without limitation, statements related to our ability to close the
offering and the gross proceeds from the offering. Forward-looking
statements relating to expectations about future results or events
are based upon information available to XpresSpa Group as
of today's date and are not guarantees of the future performance of
the company, and actual results may vary materially from the
results and expectations discussed. Additional information
concerning these and other risks is contained in XpresSpa Group’s
most recently filed Annual Report on Form 10-K, Quarterly Report on
Form 10-Q, recent Current Reports on Form 8-K and
other Securities and Exchange Commission filings. All
subsequent written and oral forward-looking statements
concerning XpresSpa Group, or other matters and attributable
to XpresSpa Group or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above. XpresSpa Group does not undertake any obligation
to publicly update any of these forward-looking statements to
reflect events or circumstances that may arise after the date
hereof.
Investor Relations: ICR Raphael Gross (203)
682-8253
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