Gaxos.ai Shares Tumble 21% on Stock Offering

Dow Jones2024-12-27

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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