Health and wellness company XpresSpa Group (NASDAQ:XSPA) have announced a $35.3 million direct offering sending its share price plummeting.
The company said that it has entered into securities purchase agreements with several institutional investors to purchase 11,216,932 of its common stock in a registered direct offering priced at-the-market.
The gross proceeds from the registered direct offering are expected to be $35.3 million, with the money set to be used for future locations, working capital, and “general corporate purposes.”
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
XSPA’s share price…
The news has seen XSPA’s stock plummet premarket on Wednesday. It closed Tuesday’s session at $2.20 and is currently trading at $2.65 per share, down 19.70% from yesterday’s close, although it is up 67% for the year to date.
On Monday the company announced that it slashed COVID-19 airport test waiting times from 48 hours to under 15 minutes.
“Our expansion plan includes offering a range of appropriate services and treatments too. We are proud to be playing our part in supporting the return of air travel to pre-pandemic levels by making sure both airport employees and travelers feel safe and confident when they come to the airport,” said Doug Satzman, XpresSpa CEO.
