XWELL, Inc. - XWEL STOCK NEWS

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XWEL), a leading provider of wellness solutions for travelers, has announced that CPC Pain & Wellness SPV, (CPC) has withdrawn its threatened proxy fight and related lawsuit against the company.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.

XWELL, Inc. (Nasdaq: XWEL) has announced a registered direct offering of 652,705 shares of common stock at $2.18 per share, priced at a premium to market. The offering is expected to close around August 8, 2024, generating gross proceeds of approximately $1.4 million. XWELL plans to use the net proceeds for working capital and general corporate purposes. The offering is made pursuant to a previously filed and effective shelf registration statement on Form S-3. A final prospectus supplement and accompanying base prospectus will be filed with the SEC, available at www.sec.gov.

XWELL (Nasdaq: XWEL) has announced that the director candidate nomination notice submitted by CPC Pain & Wellness SPV, (CPC) is invalid. CPC, a recently formed special purpose vehicle, acquired a 9.42% stake in XWELL last month. XWELL claims CPC's Schedule 13D filing is deficient, lacking details about its plans for the company.

XWELL suspects CPC aims to gain board control to engineer a transaction with an underperforming affiliate, potentially resulting in a 'Take-Under' deal that could undervalue the company and dilute stockholders. The company calls on CPC to update its Schedule 13D with transparent information about its plans and recent litigation. XWELL advises stockholders to be cautious of communications from CPC but states no immediate action is required.

XWELL has announced the grand opening of a new XpresSpa location at Philadelphia International Airport (PHL), a major travel hub with over 28 million passengers annually. The new spa, located in Terminal B near Gate B2, features innovative autonomous and semi-autonomous services such as robotic manicures, therapeutic thermal massages, and automated massage options. This expansion is part of XWELL's strategy to grow its footprint in the Northeast corridor and drive revenue growth through labor-lite and tech-forward solutions. Additionally, the new location offers a diverse retail selection tailored for travelers. Later this summer, XpresSpa will also launch a new retail location at Penn Station in New York City.

XWELL introduces new esthetic facial services at its Naples Wax Center flagship in Naples, FL, expanding its service offerings with advanced treatments. The new services include the Microderm Infusion Facial, LightStim Invigorating Light Facial, and Classic Refreshing Facial. These treatments aim to enhance skincare by utilizing innovative technologies like DiamondGlow and LED light therapy. XWELL's CEO, Scott Milford, emphasizes the goal to exceed customer expectations and boost revenue through these high-margin services. Additionally, curated retail products from SkinMedica and PCA Skin will be available. This initiative aligns with XWELL’s strategy to grow its out-of-airport portfolio and tech-forward initiatives.