XWELL Inc. said it completed a private placement with an accredited investor, issuing 31,333 shares of newly designated Series H convertible preferred stock and warrants to buy up to 66,665,957 common shares for aggregate gross proceeds of $31.333 million. The preferred stock is initially convertible at $0.47 per common share and the warrants have an initial exercise price of $0.345 per share. The company also issued placement agent warrants to Dominari Securities LLC to purchase up to 5,333,277 common shares, and said the securities were sold in an unregistered transaction relying on a Section 4(a)(2) and/or Regulation D exemption.

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