XpresSpa Strengthens its Liquidity, Capital Structure and Strategic Partnership
XpresSpa Group, Inc. (XSPA)
Last xpresspa group, inc. earnings: 11/14 04:05 pm
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US:NASDAQ Investor Relations:
xpresspagroup.com/investors/corp_overview
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Source: GlobeNewswire
NEW YORK, July 08, 2019 (GLOBE NEWSWIRE) -- XpresSpa Group, Inc. (Nasdaq: XSPA), a health and wellness holding company, today announced that it has improved its capital structure and significantly strengthened its financial condition through a series of debt and equity transactions. This new round of funding provides the Company the necessary working capital for operations, new initiatives to improve the business and capital to continue to renovate spas and build five new spas by the end of 2019. Doug Satzman, XpresSpa Group CEO, stated, “While these series of transactions dilute existing common shareholders in the short-term, we are removing the liquidation preference of the Series D preferred shareholders, which is a necessary positive step forward for XpresSpa. Our Board had limited options to simplify and enhance our capital structure, address potential loan defaults, and secure additional working capital to support operations, invest in new technology, attract top talent, reno
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