PALO ALTO, CA – CXApp Inc., a Delaware-incorporated prepackaged software services company, has reported the issuance of new equity shares in exchange for the partition of promissory notes.
The transaction, detailed in the company's latest Form 8-K filing with the Securities and Exchange Commission, involved the issuance of 1,213,809 shares of common stock to a note holder. These shares were issued at a price ranging between $1.57 and $1.83 per share, adhering to the minimum price as defined by Nasdaq Listing Rule 5635(d).
The shares were exchanged on Thursday, in connection with several Exchange Agreements dated from December 9 to December 26, 2024. According to the agreements, CXApp Inc. and the holder agreed to partition new promissory notes equivalent to approximately $2,027,500. This action reduced the outstanding balance of a promissory note issued on December 15, 2023, by the same amount, subsequently exchanging the partitioned notes for common stock.
This equity transaction was conducted under Section 3(a)(9) of the Securities Act of 1933, which allows for the exchange of securities without registration, provided certain conditions are met. No additional consideration was delivered by the holder for the exchange, and no commissions or remuneration were paid in connection with the transaction.
As a result of this exchange, CXApp Inc., which trades on The Nasdaq Stock Market under the ticker symbols NASDAQ:CXAI for its common stock and NASDAQ:CXAIW for its warrants, has increased its outstanding shares of common stock to 18,641,170 as of December 26, 2024.
The company, formerly known as KINS Technology Group, Inc., has its principal executive offices located in Palo Alto, California.
The information provided in this article is based on the company's SEC filing.
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