XWELL, Inc. - XWEL STOCK NEWS

XWELL (Nasdaq: XWEL) announces expansion of out-of-airport spas, starting with a new Naples Wax location in Estero, Florida. The company plans to open six additional locations across Florida in the first half of 2025, including Cape Coral, Clearwater, Brandon, Orlando, Winter Park, and Melbourne. The new locations will feature elevated facial services, including LightStim® Invigorating Light Facial and DiamondGlow® Microderm Infusion Facial. This expansion is part of CEO Ezra Ernst's strategic initiative to grow beyond airports and enhance the company's spa portfolio.

XWELL Inc reported Q3 2024 results with revenue growth of 13% year-over-year to $8.4 million. The company demonstrated cost reduction initiatives, reducing total operating expenses by 35% for the nine-month period. Revenue primarily came from XpresSpa locations ($4.9M) and XpresTest ($3.1M). The company maintains a strong financial position with $4.4M in cash and $11.7M in marketable securities. Operating loss was $4.8M compared to $12.1M in Q3 2023. XWELL completed a registered direct offering in August 2024, raising $1.4M in gross proceeds.

XWELL Inc (Nasdaq: XWEL) announced it will release its third quarter 2024 financial results on Thursday, November 14, 2024, after market close. The company will host a webcast and conference call at 5:00 PM ET. Due to capacity for the conference call dial-in, investors are encouraged to access the webcast through the Investor Relations section of XWELL's website.

XWELL, Inc. (Nasdaq: XWEL) has appointed Ezra T. Ernst as its new Chief Executive Officer, succeeding Scott Milford. Ernst, with over 30 years of experience, previously led XWELL brands XpresCheck® and HyperPointe™. He aims to drive growth through innovation, expansion, and technology integration across XWELL's portfolio.

Key initiatives include evolving the company's footprint in and out of airports, integrating technology across brands, and expanding services like the Traveler-based Genomic Surveillance (TGS) program with the CDC. Ernst plans to focus on geographic expansion, acquisitions, and autonomous technology to cater to tech-savvy consumers and return the company to profitability.

XWELL (Nasdaq: XWEL) has announced a two-year partnership with Priority Pass, the leading airport experiences program. This collaboration will allow select Priority Pass members to enjoy a 25-minute Zero Gravity Massage Lounger at six XpresSpa airport locations starting August 26, 2024, with the remaining 17 US locations joining on September 16, 2024.

The partnership aims to expand XpresSpa's brand reach and provide growth opportunities. XWELL CEO Scott Milford emphasized the potential to reach a broader audience of travelers seeking comfort and relaxation. This aligns with XWELL's business strategy of leveraging autonomous services, which offer higher margins than traditional massages. The company anticipates increased revenue from this partnership.

XWELL, Inc. (Nasdaq: XWEL) has adopted a Tax Benefits Preservation Plan to protect its $67.3 million in net operating losses. The plan aims to prevent a 'change of ownership' that could reduce or eliminate these tax attributes. As part of the plan, the company declared a dividend of one Series A Junior Participating Preferred Stock purchase right for each outstanding common share, payable on August 26, 2024.

The Rights become exercisable if any person or group acquires 4.99% or more of XWELL's common stock, potentially diluting the ownership of the acquiring party. The Board can exempt certain acquisitions if they don't impair the tax attributes. The Rights will expire on August 16, 2027, unless terminated earlier by the Board.

XWELL, Inc. (Nasdaq: XWEL) reported Q2 2024 results with notable highlights:

- Revenue growth of 14% year-over-year to $9.3 million
- Opened new XpresSpa in Philadelphia International Airport
- Introduced IV-hydration therapy and Ceragem massage beds in select locations
- Reduced operating expenses by 16% compared to Q2 2023
- Executed a $1.4 million registered direct offering
- Expanded Naples Wax Center services and plans for growth
- Anticipates new CDC biosurveillance contract in Q3 2024

Financial results:
- Operating loss: $1.9 million (improved from $4.7 million in Q2 2023)
- Net loss: $2.0 million (improved from $5.7 million in Q2 2023)
- Cash and cash equivalents: $5.4 million
- Marketable securities: $13.0 million

XWELL, Inc. (Nasdaq: XWEL), a leading provider of wellness solutions for travelers, has announced that CPC Pain & Wellness SPV, (CPC) has withdrawn its threatened proxy fight and related lawsuit against the company. This decision is related to XWELL's upcoming 2024 annual meeting of stockholders. Bruce Bernstein, Chairman of the Board, expressed satisfaction with CPC's withdrawal and emphasized the company's focus on executing its strategic plan to create long-term value for stockholders. He also highlighted the company's appreciation for constructive engagement with stockholders and their commitment to continuing this dialogue leading up to the 2024 Annual Meeting.

XWELL, Inc. (Nasdaq: XWEL) has successfully closed its previously announced registered direct offering, raising approximately $1.4 million in gross proceeds. The company issued and sold 652,705 shares of common stock at a purchase price of $2.18 per share, which was priced at a premium to market. XWELL intends to use the net proceeds for working capital and general corporate purposes.

The offering was conducted under a shelf registration statement on Form S-3 that was filed with the SEC on August 4, 2023, and declared effective on September 29, 2023. A final prospectus supplement and accompanying base prospectus have been filed with the SEC and are available on their website.