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Share Name | Share Symbol | Market | Type |
---|---|---|---|
XpresSpa Group Inc | NASDAQ:XSPA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.655 | 0.6501 | 0.68 | 0 | 01:00:00 |
Doug Satzman, XpresSpa Group CEO, stated, “The approximately $48 million in gross proceeds that we have raised since January, through a series of registered direct equity offerings have been truly transformational for XpresSpa and we appreciate the investment community’s confidence in us as we work to reimagine our health and wellness service offerings. These series of transactions have substantially strengthened our financial condition and enhanced our flexibility by significantly increasing our cash position. Our near-term objective with these proceeds is to explore emerging health and wellness opportunities that we can rollout to our portfolio as well as consider additional COVID-19 testing sites through our XpresCheck brand. In addition, we saw the Company’s balance sheet further strengthened by investors converting all preferred stock into common shares, and elimination by conversions of a substantial majority of its outstanding debt.”
Mr. Satzman added, “We are thrilled that our pilot COVID-19 testing has launched at JFK International Airport in our new modular constructed testing facility in the Arrivals Hall at Terminal 4. We also remain in active discussions with other U.S. airports regarding the potential roll out of this concept.”
Balance Sheet UpdateAs of March 31, 2020, the Company had cash and cash equivalents, excluding restricted cash, of $3.9 million. Subsequent to March 31, 2020 the Company raised approximately $43 million of gross proceeds in a series of registered direct equity offerings. In addition, the Company’s indebtedness was reduced by $9.1 million as a result of a series of transactions including (i) the conversion of $5.7 million of the B3D Note to Common Stock, (ii) the conversion of the entire $2.5 million Calm Note to Common Stock, and (iii) the repayment in full of the $910,000 owed to Credit Cash, net of a discount of approximately $91,000.
As of June 19, 2020, the Company has approximately 56.5 million shares of common stock outstanding and warrants to purchase up to an aggregate of 7.71 million shares of common stock that are immediately exercisable at an average price of approximately $5.25 per share.
Business Update
First Quarter 2020 Highlights
Please refer to the Quarterly Report on Form on 10-Q filed July 6, 2020 for more financial information related to the first quarter ending March 31, 2020. It can be accessed at https://investors.xpresspa.com/sec-filings or at https://www.sec.gov/
About XpresSpa Group, Inc. XpresSpa Group, Inc. (Nasdaq: XSPA) is a leading global 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 50 locations in 25 airports globally. Through its XpresTest, Inc. subsidiary, the Company also provides COVID-19 screening and testing under its XpresCheck™ brand at JFK International Airport. To learn more about XpresSpa Group, visit: www.XpresSpaGroup.com. To learn more about XpresSpa, visit www.XpresSpa.com. To learn more about XpresCheck, visit www.XpresCheck.com.
Forward-Looking Statements
This press release contains "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. 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 SEC 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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