XWELL Shares Skyrocket 220% After Announcing $31.3Mln Private Placement

(RTTNews) - XWELL, Inc. (XWEL) shares surged 220.02 percent to $1.2099, up $0.8319 on Wednesday, after the company announced it has entered into a securities purchase agreement with a series of American Ventures, LLC in a private placement expected to generate approximately $31.3 million in gross proceeds.

The stock is currently trading at $1.2099, compared with a previous close of $0.3780 on the Nasdaq. It opened at $0.8104 and has traded between $0.7750 and $1.3200 during the session. Trading volume has exploded to 110.65 million shares, far exceeding its average volume of 0.53 million shares.

The private placement includes the sale of about 31,333 shares of Series H Convertible Preferred Stock convertible into 66,666,669 common shares at $0.47 per share, along with warrants to purchase up to 66,666,669 shares at an exercise price of $0.345 per share.

The stock has traded in a 52-week range of $0.2600 to $1.4200.