xspa - XSPA STOCK NEWS

XpresSpa Group, Inc. (Nasdaq: XSPA) announced a registered direct offering of approximately 11.2 million shares of common stock and short-term warrants, priced at $3.15 each. The offering is expected to raise about $35.3 million before fees, with proceeds allocated to new locations, working capital, and corporate purposes. The transaction is facilitated by H.C. Wainwright & Co. and is set to close around August 28, 2020. The common stock is offered under an effective shelf registration statement with the SEC.

XpresSpa Group (Nasdaq: XSPA) has signed a contract with Abbott Laboratories to deploy 100 ID NOW COVID-19 testing instruments, enabling airport COVID-19 testing with results in under 15 minutes. This initiative aims to enhance safety for travelers and airport staff, with initial rollout at JFK and Newark airports in September. CEO Doug Satzman highlighted the importance of rapid testing for reducing viral spread and supporting air travel recovery. The tests are authorized under emergency use but are not FDA approved.

XpresSpa Group has launched a new XpresCheck testing site at Newark Liberty International Airport's Terminal B as of August 17, 2020, aimed at enhancing safety for airport personnel. This facility can conduct 350 COVID-19 tests daily for airport employees and is part of a broader plan to improve health safety measures amidst the pandemic. Testing is currently limited to terminal employees, with a future expansion for passenger testing anticipated. The site offers both COVID-19 and antibody testing, maintaining HIPAA compliance and accepting all insurance plans.

XpresSpa Group (Nasdaq: XSPA) announced a significant expansion of its XpresCheck COVID-19 testing initiative across major U.S. airports, beginning with operations at JFK and Newark. The company aims to capitalize on increased health safety protocols driven by the pandemic. Key financial data for Q2 2020 includes minimal revenues of $143,000, a steep decline from $12.9 million in Q2 2019, and a net loss of $58.5 million. The company reported positive working capital of $25.8 million and raised approximately $38.4 million through equity offerings to address historical deficits.

XpresSpa Group, Inc. (Nasdaq: XSPA) announced it will provide a business update and report its Q2 2020 financial results on August 19, 2020, after market close. A conference call will follow at 5:00 p.m. ET. The company operates XpresSpa, a leading airport retailer of wellness services and has 50 locations in 25 airports globally. Through its subsidiary, XpresTest, Inc., it offers COVID-19 screening and testing at JFK and plans to expand to Newark Liberty International Airport.

XpresSpa Group, Inc. (Nasdaq: XSPA) has reported a significant strengthening of its balance sheet through approximately $48 million in gross capital raised since January. The company launched COVID-19 testing at JFK International Airport on June 22, aiming to expand its XpresCheck brand to other U.S. airports. For Q1 2020, total revenue decreased to $7.7 million compared to $12.2 million last year due to COVID-19. The net loss was $10.7 million, up from $2.8 million in Q1 2019. Despite temporary spa closures, XpresSpa plans to reopen once conditions improve.

XpresSpa Group, Inc. (Nasdaq: XSPA) has launched the country's first full-service COVID-19 testing facility at JFK Airport's Terminal 4. The new XpresCheck site can conduct up to 500 tests daily for airport workers, providing crucial access to both COVID-19 and antibody testing. The facility features nine testing rooms and complies with HIPAA regulations. This initiative aims to support the health of airport employees as part of New York's recovery plan. The partnership with the Port Authority and JFKIAT is expected to inform future expansion to other major airports.

XpresSpa Group, Inc. (Nasdaq: XSPA) announced a registered direct offering to sell 7,614,700 shares of common stock at $5.253 per share, totaling approximately $40 million in gross proceeds. Additionally, investors will receive short-term warrants to purchase the same number of shares at an exercise price of $5.25, expiring in 21 months. H.C. Wainwright & Co. is the exclusive placement agent. The offering is set to close around June 19, 2020, subject to customary conditions.

XpresSpa Group, Inc. (Nasdaq: XSPA) announced a 1-for-3 reverse stock split effective June 10, 2020, approved by stockholders and the board. Post-split, shares will trade on a split-adjusted basis from June 11, 2020, under the same ticker, XSPA, but with a new CUSIP number. This reverse split consolidates three shares into one but does not affect stockholder rights, business operations, or any outstanding debts. Stockholders will receive cash for any fractional shares resulting from the split.