XpresSpa Group Announces Pricing of $3.05 Million Registered Direct Offering Priced At-The-Market
April 06 2020 - 3:09PM
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
$3.05 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 13,863,636
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 $3.05
million before deducting fees and other estimated offering
expenses. The registered direct offering is expected to close on or
about April 8, 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:ICRRaphael
Gross(203) 682-8253
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