Gaxos.ai Announces Immediate Exercise Of Warrants To Purchase Up To 3,007,654 Shares At A Reduced Exercise Price Of $1.20 Per Share, Down From Prior Exercise Prices Of $2.33-$3.32 Per Share
In consideration for the immediate exercise of the warrants for cash, the Company will issue new unregistered warrants to purchase up to 6,015,308 shares of common stock. The new warrants will have an exercise price of
Gaxos.ai is letting people exercise (turn in) old tickets to buy stock more cheaply than before, and giving them new tickets in return. This is a way to raise money, though it dilutes (spreads out) ownership since new shares will be created.
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