Filed pursuant to Rule 424(B)(5)
Registration No. 333-283758
PROSPECTUS SUPPLEMENT
(To Prospectus Dated December 18, 2024)
1,449,277 Shares of Common Stock
We are offering 1,449,277
shares of our common stock, $0.0001 par value per share, pursuant to this prospectus supplement and the accompanying prospectus to several
institutional investors. The purchase price of each share of common stock to the purchasers identified in the securities purchase agreement
dated December 18, 2024, by and among us and the purchasers listed on the signature pages thereto is $3.45 per
share.
In a concurrent private
placement (the “Private Placement” and together with this offering, the “Offerings”), we are also selling to
the purchasers common stock warrants (the “Unregistered Warrants”) to purchase up to 1,449,277 shares (the
“Unregistered Warrant Shares”) of our common stock. The Unregistered Warrants and Unregistered Warrant Shares
(collectively, the “Unregistered Securities”) are not being registered under the Securities Act of 1933, as amended
(the “Securities Act”), and are not offered pursuant to this prospectus supplement and the accompanying prospectus. The
Unregistered Securities are being offered pursuant to an exemption from the registration requirements of the Securities
Act provided in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. The Unregistered Warrants
are exercisable for three years from the date of issuance and have an exercise price of $3.32 per Unregistered Warrant Share.
See “Concurrent Private Placement” for more information.
Our common stock is traded
on The Nasdaq Capital Market under the symbol “GXAI.” On December 18, 2024, the last sale price of our common stock as reported
on The Nasdaq Capital Market was $3.32 per share.
As of December 18, 2024, the
aggregate market value of our outstanding common stock held by non-affiliates was approximately $19,780,625 based on 4,127,507 outstanding
shares of common stock, of which approximately 3,901,504 shares are held by non-affiliates, and a per share price of $5.07 based upon
the closing sale price of our common stock on The Nasdaq Capital Market on December 11, 2024. During
the 12 calendar month period that ends on, and includes, the date of this prospectus supplement (excluding this offering), we have not
offered or sold any shares of our common stock. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities
registered on the registration statement, of which this prospectus supplement is a part, in a public primary offering with a value exceeding
more than one-third of our public float in any 12 month period so long as our public float remains below $75.0 million.
We have retained H.C. Wainwright &
Co., LLC to act as our exclusive placement agent (the “Placement Agent”) in connection with this offering. The Placement
Agent is not purchasing or selling any of the shares of common stock offered pursuant to this prospectus supplement and the accompanying
prospectus and the Placement Agent is not required to arrange the purchase or sale of any specific number of securities or dollar amount
and has agreed to use its reasonable best efforts to sell the shares of common stock offered by this prospectus supplement and the accompanying
prospectus. We have agreed to pay the Placement Agent certain cash fees set forth in the table below, which assumes that we sell
all of the shares of common stock we are offering pursuant to this prospectus supplement and the accompanying prospectus. See “Plan
of Distribution” beginning on page S-8 of this prospectus supplement for additional information with respect to the compensation
we will pay the Placement Agent.
Investing in our securities
involves a high degree of risk. You should read the “Risk Factors” section beginning on page S-4 of this prospectus
supplement and page 4 of the accompanying prospectus and in the documents incorporated by reference in this prospectus supplement for
a discussion of factors to consider before deciding to invest in our securities.
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Per Share | | |
Total | |
Offering price | |
$ | 3.45 | | |
$ | 5,000,005.65 | |
Placement Agent fees (1) | |
$ | 0.25875 | | |
$ | 375,000.42 | |
Proceeds, before expenses, to us (2) | |
$ | 3.19125 | | |
$ | 4,625,005.23 | |
(1) |
Consists of a cash fee of 7.5% of the aggregate gross proceeds in this offering. In addition, we have agreed to pay a management fee of 1.0% of the aggregate gross proceeds raised in this offering, $60,000 for non-accountable expenses and $15,950 for clearing fees. In addition, we have agreed to issue the Placement Agent warrants (or its designees) (the “Placement Agent Warrants”) to purchase shares of our common stock equal to 7.5% of the aggregate number of the shares of common stock and sold in this offering. See “Plan of Distribution” beginning on page S-8 of this prospectus supplement for additional information with respect to the compensation we will pay the Placement Agent. |
(2) |
The amount of the offering proceeds to us presented in this table does not take into account the proceeds from the exercise of any of the Unregistered Warrant, or any of the Placement Agent Warrants. |
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Delivery of the shares of
common stock offered hereby is expected to be made on or about December 20, 2024, subject to satisfaction of certain customary closing
conditions.
H.C. Wainwright
& Co.
The date of this prospectus supplement is December
18, 2024
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
PROSPECTUS
ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement
and the accompanying prospectus are part of a registration statement that we filed with the U.S. Securities and Exchange Commission utilizing
a “shelf” registration process. This document is in two parts. The first part is this prospectus supplement, which describes
the specific terms of this offering and also adds to and updates information contained in the accompanying prospectus and the documents
incorporated by reference herein. The second part, the accompanying prospectus, provides more general information. Generally, when we
refer to this prospectus, we are referring to both parts of this document combined. To the extent there is a conflict between the information
contained in this prospectus supplement and the information contained in the accompanying prospectus or any document incorporated by reference
therein filed prior to the date of this prospectus supplement, you should rely on the information in this prospectus supplement; provided
that if any statement in one of these documents is inconsistent with a statement in another document having a later date—for example,
a document incorporated by reference in the accompanying prospectus—the statement in the document having the later date modifies
or supersedes the earlier statement.
We further note that this
prospectus supplement and the accompanying prospectus contain summaries of certain provisions contained in some of the documents described
herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by
the actual documents. Copies of some of the documents referred to herein have been or will be filed as exhibits to the registration statement
of which this prospectus is a part or as exhibits to documents incorporated by reference herein, and you may obtain copies of those documents
as described below under the headings “Where You Can Find More Information” and “Information Incorporated by Reference.”
We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference in the prospectus supplement and the accompanying base prospectus were made solely for the benefit of
the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and
should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were
accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately
representing the current state of our affairs.
You should rely only on the
information contained in this prospectus supplement or the accompanying prospectus, or incorporated by reference herein. We have not authorized,
and the Placement Agent not authorized, anyone to provide you with information that is different. The information contained in this prospectus
supplement or the accompanying prospectus, or incorporated by reference herein or therein is accurate only as of the respective dates
thereof, regardless of the time of delivery of this prospectus supplement and the accompanying prospectus or of any sale of our securities.
It is important for you to read and consider all information contained in this prospectus supplement and the accompanying prospectus,
including the documents incorporated by reference herein and therein, in making your investment decision. You should also read and consider
the information in the documents to which we have referred you in the sections entitled “Where You Can Find More Information”
and “Information Incorporated by Reference” in this prospectus supplement and in the accompanying prospectus.
We are offering to sell, and
seeking offers to buy, the securities offered by this prospectus supplement only in jurisdictions where offers and sales are permitted.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the securities offered by this prospectus
supplement in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus
supplement and the accompanying prospectus must inform themselves about, and observe any restrictions relating to, the offering of the
securities and the distribution of this prospectus supplement and the accompanying prospectus outside the United States. This prospectus
supplement and the accompanying prospectus do not constitute, and may not be used in connection with, an offer to sell, or a solicitation
of an offer to buy, any securities offered by this prospectus supplement and the accompanying prospectus by any person in any jurisdiction
in which it is unlawful for such person to make such an offer or solicitation.
This prospectus supplement
and the accompanying prospectus incorporate by reference market data and industry statistics and forecasts that are based on independent
industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the
accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry
data and forecasts that may be included or incorporated by reference in this prospectus supplement or the accompanying prospectus may
involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed
under the heading “Risk Factors” contained in this prospectus supplement, the accompanying prospectus and under similar headings
in other documents that are incorporated by reference herein and therein and in any free writing prospectus we authorize for use in connection
with this offering. Accordingly, investors should not place undue reliance on this information.
Solely for convenience, tradenames
referred to in this prospectus supplement appear without the ® or TM symbols, but those references are not intended to indicate, in
any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert
its rights, to these tradenames and trademarks. All trademarks, service marks and tradenames included or incorporated by reference in
this prospectus supplement are the property of their respective owners.
All references in this prospectus
supplement and the accompanying prospectus to “Gaxos,” the “Company,” “we,” “us,” “our,”
or similar terms refer to Gaxos.ai Inc. and its subsidiary taken as a whole, except where the context otherwise requires or as otherwise
indicated.
PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights selected information
about us, this offering and information appearing elsewhere in this prospectus supplement, in the accompanying prospectus and in the documents
incorporated by reference herein and therein. This summary is not complete and does not contain all the information you should consider
before investing in our securities pursuant to this prospectus supplement and the accompanying prospectus. Before making an investment
decision, to fully understand this offering and its consequences to you, you should carefully read this entire prospectus supplement and
the accompanying prospectus, including “Risk Factors,” the financial statements, and related notes, and the other information
incorporated by reference herein and therein.
Our Business
We are a technology-based
company that is developing applications aimed at redefining the way we utilize artificial intelligence (“AI”) to optimize
the user experience. We are committed to addressing the need for AI solutions in both health and entertainment.
Gaxos Labs
Our flagship product, Gaxos
Labs, launched in September 2024 and is a transformative generative AI service that empowers game developers and publishers. Key features
of the product include:
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AI-Powered Creativity: Reduces creative asset development time from hours to minutes, transforming artistic visions into reality with ease. Rapid prototyping abilities allows for experimentation with different designs quickly and easily. |
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Monetization: Publishers have the ability to offer users AI-generated assets for player customization. |
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Seamless Integration: With plug-and-play functionality for Unity and Godot, integration is effortless into existing workflows. |
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API: Connect to any game development engine and build for any platform including mobile and PC. |
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Dynamic Content Generation: User-Generated-Ai-Content (“UGAiC”) feature offers new experiences with each playthrough by letting gamers use AI in real time, fostering a dynamic gaming environment. |
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Customized Solutions: From personalized AI models including images and sound capabilities to expert consulting services, our offering includes customizable solutions to meet the unique needs of any developer. |
Gaxos Gaming
Gaxos Gaming (the “Platform”
or “Gaxos Gaming”) was created with a vision to develop, design, acquire, and manage conventional games and to combine these
games with unconventional game mechanisms, such as the ability for gamers and developers to utilize AI to create and design in-game features,
as well as to mint unique in-game features, such as skins, characters, weapons, gear, levels, and virtual lands, in the form of non-fungible
tokens, or “NFTs,” that will allow users to have unique experiences and more control over in-game assets.
In 2023, we launched our own
proprietary games that are simple and fun to play, and that offer gamers the ability to utilize AI to personalize their gaming experience
as well as to mint their own affordable NFTs, with unique and exclusive features, that can be utilized across our network of games. As
of December 2024, we have launched four games, Space Striker AI, Brawl Bots, BattleFleet AI, and Jigsaw Puzzle AI. Space Striker
AI allows players to engage in a captivating storyline and exciting retro shooting space action in the players AI-generated spaceship.
Players can fuse crystals to upgrade their ship parts to craft, clash and conquer the galaxy all within a dynamic free-to-play economy.
Brawl Bots immerses users in high-octane battles in real time against other players, in solo play or teams. Each player gets to control
their own exclusive Bot character, ensuring a personalized gaming experience. BattleFleet AI is a take on the classic Battleship game
with AI elements that allow gamers to design their ships. Jigsaw Puzzle AI lets gamers solve preloaded jigsaw puzzles as well as design
and solve new jigsaw puzzles using AI.
Gaxos Health
In July 2024, we launched
Gaxos Health, which is dedicated to revolutionizing personal health and wellness by developing a suite of innovative AI-powered health
optimization solutions. Gaxos Health will integrate AI-driven insights with individual biometric data and health goals to create web and
application based personalized wellness strategies for users. We believe that this cutting-edge approach will redefine preventative medicine,
offering unparalleled personalization in health and wellness. Gaxos Health solutions will analyze a wide range of health data to provide
tailored wellness plans and address the growing demand for personalized health solutions. We believe that this technology is not just
a step but a leap forward in empowering individuals to take control of their health and longevity with AI’s precision and intelligence.
Currently, Gaxos Health offers customized health plans and coaching based on collected DNA, blood biomarkers, and individual goals and
traits.
RNK Health
On September 23, 2024, the
Company formed a wholly-owned subsidiary, RNK Health LLC (“RNK Health”), to form a partnership and potential relationship
with Nekwellness to engage in the proposed business of marketing certain health-related products. On October 10, 2024, the Company, RNK
Health and Nekwellness entered into an operating agreement with respect to the regulation and management of the affairs of RNK Health
and, as of such date, the Company owns a 70% membership interest in RNK Health and Nekwellness owns a 30% membership interest in RNK Health.
Corporate Information
Our principal executive offices
are located at 101 Eisenhower Parkway, Suite 300, Roseland, NJ 07068 and our telephone number is (973) 275-7428. Our website address is https://gaxos.ai.
None of the information on or accessible through our website is incorporated by reference in, or constitutes a part of, this prospectus
supplement or in any other filings with, or in any information furnished or submitted to, the SEC.
Listing
Our common stock is currently
quoted on The Nasdaq Capital Market under the ticker symbol “GXAI.”
JOBS Act
On April 5, 2012, the
Jumpstart Our Business Startups (“JOBS”) Act was enacted. Section 107 of the JOBS Act provides that an “emerging
growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for
complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of
certain accounting standards until those standards would otherwise apply to private companies.
We have chosen to take advantage
of the extended transition periods available to emerging growth companies under the JOBS Act for complying with new or revised accounting
standards until those standards would otherwise apply to private companies provided under the JOBS Act. As a result, our financial statements
may not be comparable to those of companies that comply with public company effective dates for complying with new or revised accounting
standards.
Subject to certain conditions
set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain of these exemptions, including, without
limitation, (i) providing an auditor’s attestation report on our system of internal controls over financial reporting
pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and (ii) complying with any requirement that may be
adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s
report providing additional information about the audit and the consolidated financial statements, known as the auditor discussion and
analysis. We will remain an “emerging growth company” until the earliest of (i) the last day of the fiscal year in which
we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary
of the date of our initial public offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt
during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.
THE OFFERING
Common Stock Offered by Us |
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1,449,277 shares. |
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Common Stock to be Outstanding Immediately After this Offering (1) |
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5,576,784 shares (excluding shares of common stock issuable upon exercise of the Unregistered Warrants and the Placement Agent Warrants). |
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Use of Proceeds |
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The net proceeds from our sale of securities in this offering will be approximately $4.4 million, after deducting Placement Agent fees and other estimated offering expenses payable by us. We intend to use the net proceeds to us from this offering for general corporate purposes, which may include working capital and capital expenditures. See “Use of Proceeds.” |
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Concurrent Private Placement |
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In a concurrent Private Placement, we are also selling to the purchasers Unregistered Warrants to purchase up to 1,449,277 Unregistered Warrant Shares. The Unregistered Securities are not being registered under the Securities Act and are not offered pursuant to this prospectus supplement and the accompanying prospectus and are being offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. The Unregistered Warrants are exercisable for three years from the date of issuance and have an exercise price of $3.32 per Unregistered Warrant Share. See “Concurrent Private Placement.” |
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Risk Factors |
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Investing in our securities involves a high degree of risk. You should read the “Risk Factors” section beginning on page S-4 of this prospectus supplement and page 4 of the accompanying prospectus and in the documents incorporated by reference in this prospectus supplement for a discussion of factors to consider before deciding to invest in our securities. |
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Nasdaq Capital Market symbol
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“GXAI”. |
(1) | The number of shares of common
stock to be outstanding immediately after this offering is based on 4,127,507 shares of our common stock outstanding as of December 18,
2024, and excludes, as of such date : |
● | 1,503,617 shares of common stock
issuable upon exercise of warrants with a weighted average exercise price of $2.92; |
● | 64,084 shares of common stock
issuable upon exercise of options with a weighted average exercise price of $31.35; |
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239,553 shares of common stock reserved for future issuance under our 2022 Equity Incentive Plan; |
● | 1,449,277 shares of common
stock issuable upon exercise of Unregistered Warrants issued in the concurrent Private Placement at an exercise price of $3.32 per share;
and |
● | 108,696
shares of common stock issuable upon exercise of Placement Agent Warrants to be issued as compensation to the Placement Agent in connection
with this offering at an exercise price of $4.3125 per share. |
Unless otherwise indicated, all information in
this prospectus supplement assumes no exercise of options or warrants described above and no exercise of the Unregistered Warrants issued
to the purchasers in the concurrent Private Placement or the Placement Agent Warrants to be issued as compensation to the Placement Agent
for this offering.
RISK FACTORS
An investment in our securities involves a
high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks described below, together
with other information in this prospectus supplement, the accompanying prospectus and the information and documents incorporated by reference.
You should also consider the risks, uncertainties and assumptions discussed under the heading “Risk Factors” included in our
most recent Annual Report on Form 10-K and the subsequent reports that we file with the SEC which are on file with the SEC and are incorporated
herein by reference, and which may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the
future. If any of these risks actually occur, our business, financial condition, results of operations or cash flow could be adversely
effected. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. The
risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not presently known to us,
or that we currently see as immaterial, may also harm our business. Please also read carefully the section below entitled “Cautionary
Note Regarding Forward-Looking Statements.”
Risks Related to This Offering and Our Common Stock
Our management team may invest or spend
the proceeds raised in this offering in ways with which you may not agree or which may not yield a significant return.
Our management will have broad
discretion over the use of proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations
or enhance the value of our common stock. The failure by management to apply these funds effectively could result in financial losses
that could have a material adverse effect on our business and could cause the price of our common stock to decline.
You will experience substantial dilution.
Based on an offering price of $3.45 per share, and a net tangible
book value of $6.58 million, or approximately $1.59 per share of common stock, as of September 30, 2024, if you purchase securities
in this offering, you will experience dilution of approximately $1.46 per share in the net tangible book value of the common stock
you purchase representing the difference between our as adjusted net tangible book value per share after giving effect to this
offering and the offering price per share of common stock. The exercise of outstanding stock options and warrants, including those
issued in this offering and the Private Placement, will result in further dilution of your investment.
If you purchase securities in this offering,
you may also experience future dilution as a result of future equity offerings.
We expect that significant
additional capital will be needed in the future to continue our planned operations. To the extent we raise additional capital by issuing
equity securities, our stockholders may experience substantial dilution. We may sell common stock, convertible securities or other equity
securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible
securities or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales. Such sales
may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing stockholders.
We do not intend
to pay cash dividends on our shares of common stock so any returns will be limited to the value of our shares.
We
have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock
in the foreseeable future. We currently anticipate that we will retain future earnings for the development,
operation and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors
and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law and other factors that our board of directors deems relevant. Therefore, any return to stockholders
will be limited to the increase, if any, of our share price.
We are currently
listed on The Nasdaq Capital Market. If we are unable to maintain listing of our securities on Nasdaq or any stock exchange, our stock
price could be adversely affected and the liquidity of our stock and our ability to obtain financing could be impaired and it may be more
difficult for our shareholders to sell their securities.
Although
our common stock is currently listed on The Nasdaq Capital Market, we may not be able to continue to meet the exchange’s minimum
listing requirements or those of any other national exchange. The Listing Rules of Nasdaq require listing issuers to comply with certain
standards in order to remain listed on its exchange. If, for any reason, we should fail to maintain compliance with these listing standards
and Nasdaq should delist our securities from trading on its exchange and we are unable to obtain listing on another national securities
exchange, a reduction in some or all of the following may occur, each of which could have a material adverse effect on our stockholders:
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the liquidity of our common stock; |
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the market price of our common stock; |
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our ability to obtain financing for the continuation of our operations; |
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the number of investors that will consider investing in our common stock; |
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the number of market makers in our common stock; |
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the availability of information concerning the trading prices and volume of our common stock; and |
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the number of broker-dealers willing to execute trades in shares of our common stock. |
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This prospectus supplement
and the documents incorporated by reference herein contain forward-looking statements that are based on current management expectations.
Statements other than statements of historical fact included in this prospectus supplement, including statements about us and the future
growth and anticipated operating results and cash expenditures, are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 (“Securities Act”), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
(“Exchange Act”). When used in this prospectus supplement the words “anticipate,” “objective,” “may,”
“might,” “should,” “could,” “can,” “intend,” “expect,” “believe,”
“estimate,” “predict,” “potential,” “plan” or the negative of these and similar expressions
identify forward-looking statements. These statements reflect our current views with respect to uncertain future events and are based
on imprecise estimates and assumptions and subject to risk and uncertainties. Given these uncertainties, you should not place undue reliance
on these forward-looking statements. While we believe our plans, intentions and expectations reflected in those forward-looking statements
are reasonable, these plans, intentions or expectations may not be achieved. Our actual results, performance or achievements could differ
materially from those contemplated, expressed or implied by the forward-looking statements contained in, or incorporated by reference
into, this prospectus supplement for a variety of reasons.
We urge investors to review
carefully risks contained in the section of this prospectus entitled “Risk Factors” above as well as other risks and factors
identified from time to time in our SEC filings in evaluating the forward-looking statements contained in this prospectus supplement.
We caution investors not to place significant reliance on forward-looking statements contained in this document; such statements need
to be evaluated in light of all the information contained herein.
All forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in their entirety by the risk factors and other cautionary
statements set forth, or incorporated by reference, in this prospectus supplement. Except as required by law, we are under no obligation,
and we do not intend, to update any forward-looking statement, whether as result of new information, future events or otherwise.
DIVIDEND POLICY
We have never paid or declared
any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable
future. We intend to retain all available funds and any future earnings to fund the development,
operation and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors
and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law and other factors that our board of directors deems relevant.
USE OF PROCEEDS
We expect to receive net proceeds
from the Offerings of approximately $4.4 million, after deducting the Placement Agent fees and estimated offering expenses payable by
us and excluding any proceeds that may be received upon the cash exercise of the Unregistered Warrants.
We currently intend to use
the net proceeds from the sale of the securities offered hereby for general corporate purposes, which may include working capital and
capital expenditure s. We may also use a portion of the net proceeds for acquisitions, although we have no current plans, commitments
or agreements with respect to any acquisitions as of the date of this prospectus supplement. This expected use of net proceeds from this
offering and our existing cash represents our intentions based upon our current plans and business conditions, which could change in the
future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending
on numerous factors. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering.
As of the date of this prospectus
supplement, we cannot predict with certainty all the uses for the net proceeds to be received upon the completion of this offering or
the amounts we will spend on the uses set forth above.
DESCRIPTION OF SECURITIES WE ARE OFFERING
We are offering shares of
common stock. The following description of our shares of common stock summarizes the material terms and provisions of the shares of common
stock we are offering under this prospectus supplement and the accompanying prospectus.
Common Stock
For a description of the rights
associated with the common stock, see “Description of Capital Stock” in the accompanying prospectus. Our common stock is listed
on The Nasdaq Capital Market under the symbol “GXAI.” Our transfer agent is West Coast Stock Transfer, Inc., whose address
is 721 N. Vulcan Ave. Suite 106, Encinitas, CA 92024.
CONCURRENT PRIVATE PLACEMENT
In the concurrent Private
Placement, we are selling Unregistered Warrants to purchase up to 1,449,277 shares of our common stock. For each share of our common stock
sold in this offering, an accompanying Unregistered Warrant will be issued to the purchaser thereof. Each Unregistered Warrant will be
exercisable for one share of our common stock at an exercise price of $3.32 per share, will be immediately exercisable upon issuance and
will expire three years from the date of issuance.
The Unregistered Warrants
and Unregistered Warrant Shares issuable upon the exercise of the Unregistered Warrants are not being registered under the Securities
Act, nor are they being offered pursuant to this prospectus supplement and accompanying prospectus. The Unregistered Warrants and Unregistered
Warrant Shares are being offered pursuant to the exemption provided in Section 4(a)(2) of the Securities Act and Regulation D promulgated
thereunder.
Accordingly, the investors
in the concurrent Private Placement may exercise the Unregistered Warrants and sell the Unregistered Warrant Shares issuable upon the
exercise of such security only pursuant to an effective registration statement under the Securities Act covering the resale of those shares,
an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities Act or, if and only if there
is no effective registration statement registering the resale of the Unregistered Warrant Shares, or no current prospectus available for
such shares, the investors may exercise the Unregistered Warrants by means of a “cashless exercise.”
If a Fundamental Transaction
(as defined in the Unregistered Warrant) occurs, then, upon any subsequent exercise of the Unregistered Warrant, the holder shall have
the right to receive, for each Unregistered Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the holder (without regard to any beneficial ownership limitation), the number of shares
of common stock of the successor or acquiring corporation or of our Company, if we are is the surviving corporation, and any additional
consideration (“Unregistered Alternative Consideration”) receivable as a result of such Fundamental Transaction. If holders
of common stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the holder
shall be given the same choice as to the Unregistered Alternate Consideration it receives upon any exercise of the Unregistered Warrant
following such Fundamental Transaction. Additionally, as more fully described in the form of Unregistered Warrant, in the event of
certain Fundamental Transactions, the holders of the Unregistered Warrants will be entitled to receive consideration in an amount
equal to the Black Scholes Value (as defined in the Unregistered Warrant) of the Unregistered Warrant on the date of consummation of the
transaction.
A holder of Unregistered Warrants
will not have the right to exercise any portion thereof if the holder, together with its affiliates, would beneficially own in excess
of 4.99% (or, at the election of a holder prior to the date of issuance, 9.99%) of the number of shares of our common stock outstanding
immediately after giving effect to such exercise; provided, however, that upon notice to the Company, the holder may increase or decrease
such beneficial ownership limitation, provided that in no event shall such beneficial ownership limitation exceed 9.99% and any increase
in the beneficial ownership limitation will not be effective until 61 days following notice of such increase from the holder to us.
Except as otherwise provided
in the Unregistered Warrants or by virtue of such holder’s ownership of shares of our common stock, the holders of the Unregistered
Warrants do not have the rights or privileges of holders of our common stock, including any voting rights, until they exercise their Unregistered
Warrants.
The Unregistered Warrants
are not and will not be listed for trading on any national securities exchange. Pursuant to the securities purchase agreement, we have
agreed to file a registration statement as soon as practicable (but in any event within 30 days from the date of this prospectus) to register
for resale the shares of common stock issuable upon exercise of the Unregistered Warrants and to use our commercially reasonable efforts
to cause such registration statement to be declared effective within 60 days following the closing date of the Offerings.
We have agreed to pay H.C.
Wainwright & Co., LLC the following compensation in connection with any future exercise of the Unregistered Warrants issued in the
Private Placement: (i) a cash fee equal to 7.5% of the aggregate gross exercise price paid in cash with respect to the exercise of the
Unregistered Warrants and (ii) a management fee equal to 1.0% of the aggregate gross exercise price paid in cash with respect to the exercise
of the Unregistered Warrants and issue to H.C. Wainwright & Co., LLC (or its designees) warrants to purchase shares of our common
stock representing 7.5% of the shares of common stock underlying the Unregistered Warrants that have been exercised.
PLAN OF DISTRIBUTION
Pursuant to an engagement
letter agreement, dated as of September 20, 2024, we have engaged H.C. Wainwright & Co., LLC to act as our exclusive placement agent
in connection with this offering. Under the terms of the engagement letter agreement, the Placement Agent has agreed to act as our exclusive
placement agent, on a reasonable best efforts basis, in connection with the issuance and sale of our shares of common stock pursuant to
this prospectus supplement and the accompanying prospectus. Therefore, we may not sell the
entire amount of shares of common stock being offered. The terms of this offering were subject
to market conditions and negotiations between us, the Placement Agent and prospective
investors. The engagement letter agreement does not give rise to any commitment by the Placement Agent to purchase or sell
any of our securities, and the Placement Agent will have no authority to bind us by virtue of the engagement letter agreement. The Placement
Agent may engage sub-agents or selected dealers to assist with the offering.
The Placement Agent proposes
to arrange for the sale of the shares of common stock we are offering pursuant to this prospectus supplement and accompanying prospectus
to one or more institutional or accredited investors through securities purchase agreements directly between the purchasers and us. We
will only sell to such investors who have entered into the securities purchase agreement with us.
We expect to deliver the common
stock being offered pursuant to this prospectus supplement and accompanying prospectus on or about December 20, 2024, subject to satisfaction
of customary closing conditions.
Pursuant
to the terms of the securities purchase agreement and subject to certain exceptions, we are prohibited from entering into any agreement
to issue or announcing the issuance or proposed issuance of any shares of common stock or Common Stock Equivalent (as defined in the securities
purchase agreement) for a period commencing on the date of this prospectus supplement and expiring 30 days from the closing date of this
offering. Furthermore, we are also prohibited from entering into any agreement to issue common stock or Common Stock Equivalent involving
a Variable Rate Transaction (as defined in the securities purchase agreement), subject to certain exceptions, for a period commencing
on the date of this prospectus supplement and expiring one year from the closing
date of this offering.
We have agreed to pay the
Placement Agent a total cash fee equal to 7.5% of the gross proceeds of this offering. We will also pay the Placement Agent in connection
with this offering a management fee equal to 1.0% of the gross proceeds raised in the offering, $60,000 for non-accountable expenses and
$15,950 for clearing fees. We estimate the total offering expenses of this offering that will be payable by us, including the cash fee
equal to 7.5% of the gross proceeds of this offering payable to the Placement Agent, but excluding the other placement agent fees and
expenses, will be approximately $425,000. In addition, we have agreed to issue to the Placement Agent, or its designees, Placement
Agent Warrants to purchase up to 108,696 shares of common stock, which represents 7.5% of the aggregate number of shares of common stock
purchased in this offering. The Placement Agent Warrants will have substantially the same terms as the Unregistered Warrants, except that
the Placement Agent Warrants will have an exercise price equal to $4.3125 per share, or 125% of the offering price per share.
In addition, we have agreed
to pay Placement Agent the following compensation in connection with any future exercise of the Unregistered Warrants issued in the Private
Placement: (i) a cash fee equal to 7.5% of the aggregate gross exercise price paid in cash with respect to the exercise of the Unregistered
Warrants and (ii) a management fee equal to 1.0% of the aggregate gross exercise price paid in cash with respect to the exercise of the
Unregistered Warrants and issue to the Placement Agent (or its designees) warrants to purchase shares of our common stock representing
7.5% of the shares of common stock underlying the Unregistered Warrants that have been exercised
We have granted the Placement
Agent a right of first refusal for a period of 12 months following the closing of this offering to act as our sole book-running manager,
sole underwriter or sole placement agent for any further capital raising transactions undertaken by us. We also have granted the Placement
Agent a tail cash fee equal to 7.5% of the gross proceeds and Placement Agent Warrants to purchase shares of common stock equal to 7.5%
of the aggregate number of shares of securities sold in any offering, within 12 months following the termination or expiration of the
engagement letter agreement, to investors whom the Placement Agent contacted or introduced to us in connection with this offering.
We have agreed to indemnify
the Placement Agent and specified other persons against certain liabilities relating to or arising out of the Placement Agent’s
activities under the engagement letter agreement and to contribute to payments that the Placement Agent may be required to make in respect
of such liabilities.
The Placement Agent may be
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit
realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions
under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements of the Securities Act
and the Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the
Exchange Act. These rules and regulations may limit the timing of purchases and sales of securities by the Placement Agent acting as principal.
Under these rules and regulations, the Placement Agent:
|
● |
may not engage in any stabilization activity in connection with our securities; and |
|
● |
may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution. |
From time to time, the Placement
Agent may provide in the future various advisory, investment and commercial banking and other services to us in the ordinary course of
business, for which they have received and may continue to receive customary fees and commissions. The Placement Agent acted as of placement
agent in connection with our warrant inducement transaction we consummated in September 2024 and our private placement we consummated
in March 2024, for which it received compensation. In addition, the Placement Agent received compensation in connection with the exercise
of certain warrants for cash issued by us to the investor in the warrant indument transactions. Except as disclosed in this prospectus
supplement, we have no present arrangements with the Placement Agent for any further services.
Our common stock is listed on The Nasdaq Capital
Market under the symbol “GXAI.”
LEGAL MATTERS
The validity of the shares
of our common stock offered hereby will be passed upon for us by Sheppard, Mullin, Richter & Hampton LLP, New York, New York.
EXPERTS
Our consolidated financial
statements as of and for the years ended December 31, 2023 and 2022, incorporated by reference in this prospectus supplement have been
audited by Salberg & Company, P.A. and D. Brooks and Associates CPAs, P.A., respectively, independent registered public accounting
firms, as set forth in each of their reports thereon incorporated by reference herein, and are included in reliance on such reports given
on the authority of such firms as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC
a registration statement on Form S-3 under the Securities Act, of which this prospectus supplement forms a part. The rules and
regulations of the SEC allow us to omit from this prospectus supplement and the accompanying prospectus certain information included in
the registration statement. For further information about us and the securities we are offering under this prospectus supplement, you
should refer to the registration statement and the exhibits and schedules filed with the registration statement. With respect to the statements
contained in this prospectus supplement and the accompanying prospectus regarding the contents of any agreement or any other document,
in each instance, the statement is qualified in all respects by the complete text of the agreement or document, a copy of which has been
filed as an exhibit to the registration statement.
We file reports, proxy statements
and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information
regarding issuers that file electronically with the SEC. The address of the SEC’s website is www.sec.gov.
We make available free of
charge on or through our website at https://gaxos.ai, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon
as reasonably practicable after we electronically file such material with or otherwise furnish it to the SEC. The information on, or accessible
through, our website is not part of, and is not incorporated into, this prospectus supplement or the accompanying prospectus and should
not be considered part of this prospectus supplement or the accompanying prospectus.
INFORMATION INCORPORATED BY REFERENCE
The SEC allows us to incorporate
by reference into this prospectus supplement much of the information we file with the SEC, which means that we can disclose important
information to you by referring you to those publicly available documents. The information that we incorporate by reference is considered
to be part of this prospectus supplement and the accompanying prospectus. Because we are incorporating by reference future filings with
the SEC, this prospectus supplement and the accompanying prospectus are continually updated and those future filings may modify or supersede
some of the information included or incorporated in this prospectus supplement and the accompanying prospectus. This means that you must
look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus supplement or
the accompanying prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus
supplement and the accompanying prospectus incorporate by reference the documents listed below and any future filings we make with the
SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (in each case, other than those documents or the portions of those documents
not deemed to be filed) until the offering of the securities under the registration statement is terminated or completed:
|
● |
our Annual Report on Form 10-K for the year ended
December 31, 2023, filed with the SEC on March 27, 2024 (the “Annual Report”); |
|
● |
our Current Reports on Form 8-K and Form 8-K/A filed with the SEC on January 10, 2024, January 10, 2024, February 28, 2024, March 11, 2024, March 13, 2024, March 15, 2024, March 20, 2024 and September 23, 2024; |
|
● |
our Definitive Proxy Statement on Schedule 14A for our 2024
annual meeting of stockholders filed with the SEC on November 19, 2024; and |
|
● |
the description of our common stock in our registration statement on Form 8-A filed with the SEC on February 10, 2023, including any amendment or report filed for the purpose of updating such description,
including the description of our common stock in Exhibit 4.1 of the Annual Report. |
You may request, and we will provide you with,
a copy of these filings, at no cost, by calling us at (973) 275-7428 or by writing to us at the following address:
Gaxos.ai Inc.
101 Eisenhower Parkway, Suite 300
Roseland, NJ 07068
Attn: Corporate Secretary
PROSPECTUS
Gaxos.ai
Inc.
$50,000,000
Common
Stock
Preferred Stock
Debt Securities
Warrants
Subscription Rights
Units
From
time to time, we may offer up to $50,000,000 of any combination of the securities described in this prospectus in one or more offerings.
We may also offer securities as may be issuable upon conversion, redemption, repurchase, exchange or exercise of any securities registered
hereunder, including pursuant to any applicable antidilution provisions.
This
prospectus provides a general description of the securities we may offer. Each time we offer securities, we will provide specific terms
of the securities offered in a supplement to this prospectus. We may also authorize one or more free writing prospectuses to be provided
to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may also add, update or
change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and
any related free writing prospectus, as well as any documents incorporated by reference into any of the foregoing, before you invest
in any of the securities being offered.
This
prospectus may not be used to consummate a sale of any securities unless accompanied by a prospectus supplement.
Our common stock is listed
on The Nasdaq Capital Market under the symbol “GXAI.” On December 11, 2024, the last reported sale price of our common stock
on The Nasdaq Capital Market was $5.07 per share. The applicable prospectus supplement will contain information, where applicable, as to
any other listing on The Nasdaq Capital Market or any securities market or other exchange of the securities, if any, covered by such prospectus
supplement.
We
may sell these securities directly to investors, through agents designated from time to time or to or through underwriters or dealers,
on a continuous or delayed basis. For additional information on the methods of sale, you should refer to the section titled “Plan
of Distribution” in this prospectus and in the prospectus supplement for the applicable offering. If any agents or underwriters
are involved in the sale of any securities with respect to which this prospectus is being delivered, the names of such agents or underwriters
and any applicable fees, commissions, discounts or over-allotment options will be set forth in a prospectus supplement. The price to
the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.
Investing
in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the
heading “Risk Factors” on page 4 of this prospectus as well as those described in the applicable
prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are
incorporated by reference into this prospectus.
Neither
the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is December 18, 2024.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is a part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (“SEC”)
utilizing a “shelf” registration process. Under this shelf registration process, we may offer and sell any combination of
the securities described in this prospectus in one or more offerings up to a total aggregate offering price of $50,000,000. This prospectus
provides you with a general description of the securities we may offer.
Each
time we offer and sell securities under this prospectus, we will provide a prospectus supplement that will contain specific information
about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain
material information relating to these offerings. The prospectus supplement and any related free writing prospectus that we may authorize
to be provided to you may also add, update or change information contained in this prospectus or in any documents that we have incorporated
by reference into this prospectus. If there is any inconsistency between the information in this prospectus and the applicable prospectus
supplement or free writing prospectus, you should rely on the prospectus supplement or free writing prospectus, as applicable. You should
read this prospectus, any applicable prospectus supplement and any related free writing prospectus, together with the information incorporated
herein by reference as described under the heading “Information Incorporated by Reference,” before investing in any of the
securities offered.
THIS
PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
Neither
we, nor any agent, underwriter or dealer has authorized any person to give any information or to make any representation other than those
contained or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free writing prospectus
prepared by or on behalf of us or to which we have referred you. This prospectus, any applicable supplement to this prospectus or any
related free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the
registered securities to which they relate, nor do this prospectus, any applicable supplement to this prospectus or any related free
writing prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to
whom it is unlawful to make such offer or solicitation in such jurisdiction.
You
should not assume that the information contained in this prospectus, any applicable prospectus supplement or any related free writing
prospectus is accurate on any date subsequent to the date set forth on the front of such document or that any information we have incorporated
by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus, any
applicable prospectus supplement or any related free writing prospectus is delivered, or securities are sold, on a later date.
This
prospectus and the information incorporated herein by reference contains summaries of certain provisions contained in some of the documents
described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their
entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated
by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents
as described below under the heading “Where You Can Find More Information.” We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in this prospectus
were made solely for the benefit of the parties to such agreement, including, in some cases, for the purposes of allocating risk among
the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations,
warranties and covenants should not be relied on as accurately representing the current state of our affairs.
PROSPECTUS
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus. This summary is not complete and does not contain
all of the information that you need to consider in making your investment decision. You should carefully read this entire prospectus,
the applicable prospectus supplement and any related free writing prospectus, including the risks of investing in our securities discussed
under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus,
and under similar headings in the other documents that are incorporated by reference into this prospectus, the applicable prospectus
supplement and any related free writing prospectus. You should also carefully read the information incorporated by reference into this
prospectus, including our financial statements, the exhibits to the registration statement of which this prospectus is a part and the
risk factors described herein and in the documents incorporated by reference herein.
All
brand names or trademarks appearing in this prospectus are the property of their respective owners. Solely for convenience, the trademarks
and trade names in this prospectus are referred to without the symbols ® and TM, but such references should not be construed as any
indication that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.
Our
Business
We
are a technology-based company that is developing applications aimed at redefining the way we utilize artificial intelligence (“AI”)
to optimize the user experience. We are committed to addressing the need for AI solutions in both health and entertainment.
Gaxos
Labs
Our flagship product, Gaxos
Labs, launched in September 2024 and is a transformative generative AI service that empowers game developers and publishers. Key features
of the product include:
| ● | AI-Powered Creativity: Reduces creative asset
development time from hours to minutes, transforming artistic visions into reality with ease. Rapid prototyping abilities allows for experimentation
with different designs quickly and easily. |
| ● | Monetization: Publishers have the ability to
offer users AI-generated assets for player customization. |
| ● | Seamless Integration: With plug-and-play functionality
for Unity and Godot, integration is effortless into existing workflows. |
| ● | API: Connect to any game development engine and
build for any platform including mobile and PC. |
| ● | Dynamic Content Generation: User-Generated-Ai-Content
(“UGAiC”) feature offers new experiences with each playthrough by letting gamers use AI in real time, fostering a dynamic
gaming environment. |
| ● | Customized Solutions: From personalized AI models
including images and sound capabilities to expert consulting services, our offering includes customizable solutions to meet the unique
needs of any developer. |
Gaxos Gaming
Gaxos Gaming (the “Platform”
or “Gaxos Gaming”) was created with a vision to develop, design, acquire, and manage conventional games and to combine these
games with unconventional game mechanisms, such as the ability for gamers and developers to utilize AI to create and design in-game features,
as well as to mint unique in-game features, such as skins, characters, weapons, gear, levels, and virtual lands, in the form of non-fungible
tokens, or “NFTs,” that will allow users to have unique experiences and more control over in-game assets.
In 2023, we launched our own
proprietary games that are simple and fun to play, and that offer gamers the ability to utilize AI to personalize their gaming experience
as well as to mint their own affordable NFTs, with unique and exclusive features, that can be utilized across our network of games. As
of December 2024, we have launched four games, Space Striker AI, Brawl Bots, BattleFleet AI, and Jigsaw Puzzle AI. Space Striker
AI allows players to engage in a captivating storyline and exciting retro shooting space action in the players AI-generated spaceship.
Players can fuse crystals to upgrade their ship parts to craft, clash and conquer the galaxy all within a dynamic free-to-play economy.
Brawl Bots immerses users in high-octane battles in real time against other players, in solo play or teams. Each player gets to control
their own exclusive Bot character, ensuring a personalized gaming experience. BattleFleet AI is a take on the classic Battleship game
with AI elements that allow gamers to design their ships. Jigsaw Puzzle AI lets gamers solve preloaded jigsaw puzzles as well as design
and solve new jigsaw puzzles using AI.
Gaxos Health
In July 2024, we launched
Gaxos Health, which is dedicated to revolutionizing personal health and wellness by developing a suite of innovative AI-powered health
optimization solutions. Gaxos Health will integrate AI-driven insights with individual biometric data and health goals to create web and
application based personalized wellness strategies for users. We believe that this cutting-edge approach will redefine preventative medicine,
offering unparalleled personalization in health and wellness. Gaxos Health solutions will analyze a wide range of health data to provide
tailored wellness plans and address the growing demand for personalized health solutions. We believe that this technology is not just
a step but a leap forward in empowering individuals to take control of their health and longevity with AI’s precision and intelligence.
Currently, Gaxos Health offers customized health plans and coaching based on collected DNA, blood biomarkers, and individual goals and
traits.
RNK Health
On September 23, 2024, the
Company formed a wholly-owned subsidiary, RNK Health LLC (“RNK Health”), to form a partnership and potential relationship
with Nekwellness to engage in the proposed business of marketing certain health-related products. On October 10, 2024, the Company, RNK
Health and Nekwellness entered into an operating agreement with respect to the regulation and management of the affairs of RNK Health
and, as of such date, the Company owns a 70% membership interest in RNK Health and Nekwellness owns a 30% membership interest in RNK Health.
Corporate
Information
Our
principal executive offices are located at 101 Eisenhower Parkway, Suite 300, Roseland, NJ 07068 and our telephone number is (973) 275-7428.
Our website address is https://gaxos.ai. None of the information on or accessible through our website is incorporated by
reference in, or constitutes a part of, this prospectus or in any other filings with, or in any information furnished or submitted to,
the SEC.
Listing
Our
common stock is currently quoted on The Nasdaq Capital Market under the ticker symbol “GXAI.”
The
Securities We May Offer
We
may offer common stock, preferred stock, debt securities, warrants, subscription rights or units, up to a total aggregate offering price
of $50,000,000 from time to time in one or more offerings under this prospectus, the prospectus supplement for the applicable offering
and any related free writing prospectus, at prices and on terms to be determined by market conditions at the time of the relevant offering.
This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series of securities
under this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and other important terms
of the securities, including, to the extent applicable:
| ● | designation
or classification; |
| ● | aggregate
principal amount or aggregate offering price; |
| ● | original
issue discount; |
| ● | rates
and times of payment of interest or dividends; |
| ● | redemption,
conversion, exchange or sinking fund terms; |
| ● | conversion
or exchange prices or rates and any provisions for changes to or adjustments in the conversion
or exchange prices or rates and in the securities or other property receivable upon conversion
or exchange; and |
| ● | important
U.S. federal income tax considerations. |
The
prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add, update or change
information contained in this prospectus or in documents we have incorporated by reference. However, no prospectus supplement or free
writing prospectus will offer a security that is not registered and described in this prospectus at the time of the effectiveness of
the registration statement of which this prospectus is a part.
We
may sell the securities directly to investors or through underwriters, dealers or agents. We, and our underwriters or agents, reserve
the right to accept or reject all or part of any proposed purchase of securities. If we do offer securities through underwriters or agents,
we will include in the applicable prospectus supplement:
| ● | the
names of those underwriters or agents; |
| ● | applicable
fees, discounts and commissions to be paid to them; |
| ● | details
regarding over-allotment options, if any; and |
| ● | the
estimated net proceeds to us. |
This
prospectus may not be used to consummate a sale of securities unless it is accompanied by a prospectus supplement.
RISK
FACTORS
Investing
in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the heading
“Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar
headings in our most recent Annual Report on Form 10-K, as updated by our subsequent Quarterly Reports on Form 10-Q and other reports
and documents that are incorporated by reference into this prospectus and the applicable prospectus supplement, before deciding whether
to purchase any of the securities being registered pursuant to the registration statement of which this prospectus is a part. Each of
the risk factors could adversely affect our business, results of operations, and financial condition, as well as adversely affect the
value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment.
Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference in this prospectus contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include statements related to our
anticipated financial performance, business prospects and strategy; anticipated trends and prospects in the industries in which our business
operates; new products, services and related strategies; and other similar matters. These forward-looking statements are based on management’s
current expectations and assumptions about future events, and are inherently subject to uncertainties, risks and changes in circumstances
that are difficult to predict. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,”
“assume,” “believe,” “contemplate,” “continue,” “could,” “design,”
“estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,”
“predict,” “positioned,” “potential,” “seek,” “should,” “target,”
“will,” “would” or the negative or plural of those terms, and similar expressions intended to identify statements
about the future, although not all forward-looking statements contain these words.
Actual
results could differ materially from those contained in the forward-looking statements. Factors currently known to management that could
cause actual results to differ materially from those in forward-looking statements include those factors listed in “Risk Factors”
set forth herein and elsewhere in this prospectus and the documents incorporated by reference in this prospectus and in other documents
that we file with the SEC from time to time.
Other
unknown or unpredictable factors that could also adversely affect our business, financial condition and results of operations may arise
from time to time. In light of these risks and uncertainties, the forward-looking statements discussed in this prospectus and the documents
incorporated by reference in this prospectus may not prove to be accurate and, accordingly, you should not place undue reliance on these
forward-looking statements, which only reflect the views of the Company’s management as of the date hereof or thereof (as applicable).
We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results or expectations, except as required by law.
USE
OF PROCEEDS
We
will retain broad discretion over the use of the net proceeds from the sale of the securities offered hereby. Except as described in
any applicable prospectus supplement or in any free writing prospectuses that we may authorize to be provided to you in connection with
a specific offering, we currently intend to use the net proceeds from the sale of the securities offered hereby, if any, for general
corporate purposes, which may include working capital and capital expenditures. We may also use a portion of the net proceeds for acquisitions,
although we have no current plans, commitments or agreements with respect to any acquisitions as of the date of this prospectus.
We
will set forth in the applicable prospectus supplement or free writing prospectus our intended use for the net proceeds received
from the sale of any securities sold pursuant to the prospectus supplement or free writing prospectus. Pending the use of net
proceeds, we may invest the net proceeds in marketable securities, short-term interest-bearing investment-grade securities,
certificates of deposit or government securities.
DESCRIPTION
OF CAPITAL STOCK
The
following description of our common stock and preferred stock, together with the additional information we include in any prospectus
supplement and in any related free writing prospectus that we may authorize to be provided to you, summarizes the material terms and
provisions of the common stock and preferred stock that we may offer pursuant to this prospectus. While the terms we have summarized
below will apply generally to any future common stock or preferred stock that we may offer, we will describe the particular terms of
any class or series of these securities in more detail in the particular prospectus supplement and in any related free writing prospectus
that we may authorize to be provided to you. For the complete terms of our common stock and preferred stock, please refer to our current
certificate of incorporation, as amended to date (“Certificate of Incorporation”), and our bylaws, as amended to date (“Bylaws”),
which have been filed with the SEC and are incorporated herein by reference. The terms of these securities may also be affected by the
Delaware General Corporation Law (the “DGCL”). The summary below and any update which may be contained in any prospectus
supplement and/or and in any related free writing prospectus that we may authorize to be provided to you is qualified in its entirety
by reference to our Certificate of Incorporation and our Bylaws as either may be amended from time to time after the date of this prospectus,
but before the date of any such prospectus supplement and/or related free writing prospectus.
Our
authorized capital stock consists of 50,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of
preferred stock, par value $0.0001 per share. As of December 11, 2024, we had 3,704,507 shares of common stock outstanding and no
shares of preferred stock outstanding.
Common
Stock
Dividends.
Subject to preferences that may be applicable to any outstanding shares of our preferred stock, holders of our common stock are entitled
to receive dividends, if any, as may be declared from time to time by our board of directors out of the Company’s assets which
are legally available.
Voting
Rights. Except as set forth in the Certificate of Incorporation, holders of our common stock are entitled to one vote for each
share held on all matters submitted to a vote of the Company’s stockholders. Holders of our common stock have no cumulative voting
rights.
Liquidation
Rights. Upon our liquidation, dissolution or winding-up, holders of our common stock are entitled to share in all assets remaining
after payment of all liabilities and the liquidation preferences of any outstanding shares of preferred stock.
Other
Rights. Holders of the Company’s common stock have no preemptive or conversion rights or other subscription rights.
Fully
Paid. The issued and outstanding shares of our common stock are fully paid and non-assessable. This means the full purchase price
for the outstanding shares of common stock has been paid and the holders of such shares will not be assessed any additional amounts for
such shares. Any additional shares of common stock that we may issue in the future will also be fully paid and non-assessable.
Preferred
Stock
We
are authorized to issue up to 5,000,000 shares of preferred stock, par value $0.0001 per share. Our board of directors, without further
action by the holders of our common stock, may issue shares of preferred stock. The board of directors is vested with the authority to
fix the designations, preferences and relative, participating, optional or other special rights, and such qualifications, limitations
or restrictions thereof, including, without limitation, redemption rights, dividend rights, liquidation preferences and conversion or
exchange rights of any class or series of preferred stock, and to fix the number of classes or series of preferred stock, the number
of shares constituting any such class or series and the voting powers for each class or series.
The
authority possessed by our board of directors to issue preferred stock could potentially be used to discourage attempts by third parties
to obtain control of the company through a merger, tender offer, proxy contest or otherwise by making such attempts more difficult or
more costly. Our board of directors may issue preferred stock with voting rights or conversion rights that, if exercised, could adversely
affect the voting power of the holders of our common stock.
A
prospectus supplement relating to a series of preferred stock offered hereby and any related free writing prospectus that we may authorize
to be provided to you will describe terms of that series of preferred stock, including:
| ● | the
designation and stated value of that series; |
| ● | the
number of shares of preferred stock we are offering; |
| ● | the
initial public offering price at which the shares of preferred stock will be sold; |
| ● | the
dividend rate of that series, the conditions and dates upon which those dividends will be
payable, whether those dividends will be cumulative or noncumulative, and, if cumulative,
the date from which dividends will accumulate; |
| ● | the
process for any auction and remarketing, if any; |
| ● | the
relative ranking and preferences of that series as to dividend rights and rights upon any
liquidation, dissolution or winding up of the affairs of our Company; |
| ● | any
redemption, repurchase or sinking fund provisions; |
| ● | any
conversion or exchange rights of the holder or us; |
| ● | any
restrictions on transfer, sale or other assignment; |
| ● | any
restrictions on further issuances; |
| ● | whether
interests in the preferred stock will be represented by depositary shares; |
| ● | a
discussion of any material United States federal income tax considerations applicable to
the preferred stock; |
| ● | any
application for listing of that series on any securities exchange or market; |
| ● | any
limitations on the issuance of any class or series of preferred stock ranking senior to or
on a parity with the series of preferred stock as to dividend rights and rights upon liquidation,
dissolution or winding up of our affairs; and |
| ● | any
other specific terms, preferences, rights or limitations of, or restrictions on, that series
of preferred stock. |
The
rights, preferences, privileges, and restrictions granted to or imposed upon any series of preferred stock that we offer and sell under
this prospectus and applicable prospectus supplements will be set forth in a certificate of designation relating to the series. We will
incorporate by reference into the registration statement of which this prospectus is a part the form of any certificate of designation
that describes the terms of the series of preferred stock we are offering before the issuance of shares of that series of preferred stock.
You should read any prospectus supplement and any free writing prospectus that we may authorize to be provided to you related to the
series of preferred stock being offered, as well as the complete certificate of designation that contains the terms of the applicable
series of preferred stock.
Restrictions
on Payment of Dividends
We
are incorporated in Delaware and governed by Delaware law. Delaware law allows a corporation to pay dividends only:
| ● | out
of surplus, as determined under Delaware law; or |
| ● | in
case there is no such surplus, out of the corporation’s net profits for the fiscal
year in which the dividend is declared and/or the preceding fiscal year. |
Anti-takeover
Effects of our Certificate of Incorporation, Bylaws and Delaware Law
Set
forth below is a summary of the provisions of our Certificate of Incorporation and Bylaws and the DGCL that could have the effect of
delaying or preventing a change in control of our Company. The following description is only a summary, and it is qualified by reference
to our Certificate of Incorporation, Bylaws and the relevant provisions of the DGCL.
Delaware
Law
We
are governed by the provisions of Section 203 of the DGCL (“Section 203”). In general, Section 203 prohibits a publicly traded
Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years after the date
of the transaction in which the person became an interested stockholder, unless the business combination is approved in a prescribed
manner. A business combination includes mergers, asset sales or other transactions resulting in a financial benefit to the stockholder.
An interested stockholder is a person who, together with affiliates and associates, owns (or within three years, did own) 15% or more
of the corporation’s voting stock, subject to certain exceptions. The statute could have the effect of delaying, deferring or preventing
a change in control of the Company.
Board
of Directors Vacancies
Our
Bylaws authorize our board of directors to fill vacant directorships. In addition, the number of directors constituting our board of
directors may be set by resolution of the incumbent directors.
Special
Meeting of Stockholders
Our
Bylaws provide that special meetings of our stockholders may be called by the Chief Executive Officer of the Company, the board of directors
or a committee of the board of directors that has been duly designated by the board of directors and whose powers and authority include
the power to call such meetings.
Advance
Notice Requirements for Stockholder Proposals and Director Nominations
Our
Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice must be delivered to the secretary at our principal executive offices not later than the close of business on the 90th day nor
earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting; provided,
however, that in the event the date of the annual meeting is not within 30 days before or after such anniversary date, to be timely,
notice by the stockholder must be so delivered not later than the close of business on the 10th day following the day on which such notice
of the date of annual meeting was mailed or public disclosure of the date of the annual meeting was made, whichever occurs first. These
provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for
directors at our annual meeting of stockholders.
Authorized
but Unissued Shares
Our
authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval and
may be utilized for a variety of corporate purposes, including future offerings to raise additional capital, corporate acquisitions and
employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult
or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise.
Exclusive
Forum
Our
Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum, the State of Delaware
is the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim
of breach of a fiduciary duty owed by any director, officer or other employee of our Company to us or our stockholders, (iii) any action
asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the DGCL or our Certificate of
Incorporation or our Bylaws, or (iv) any action asserting a claim against us, our directors, officers, employees or agents governed by
the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent
to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.
Additionally,
our Certificate of Incorporation provides that unless we consent in writing to the selection of an alternative forum, the federal district
courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock are
deemed to have notice of and consented to this provision.
Indemnification
Provisions
Our
directors and officers are indemnified as provided by the DGCL, our Certificate of Incorporation and our Bylaws.
Section
102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders
for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to
act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a
stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our Certificate of Incorporation provides
that no director of the Company shall be personally liable to us or our stockholders for monetary damages for any breach of fiduciary
duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination
or limitation of liability of directors for breaches of fiduciary duty.
Section
145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or
a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in
related capacities against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party
to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the
adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such expenses which the Court of Chancery or such other court shall deem proper.
Our
Certificate of Incorporation and Bylaws provide indemnification for our directors and officers to the fullest extent permitted by the
DGCL. We will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than an action by or in the right of us) by reason of the fact that he or she is or was, or has agreed to become,
a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee
of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons being
referred to as an “Indemnitee”), or by reason of any action alleged to have been taken or omitted in such capacity, against
all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection
with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, our best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable
cause to believe his or her conduct was unlawful. Our Certificate of Incorporation and Bylaws provide that we will indemnify any Indemnitee
who was or is a party to an action or suit by or in the right of us to procure a judgment in our favor by reason of the fact that the
Indemnitee is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as
a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture,
trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including
attorneys’ fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in connection
with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a manner he or she reasonably
believed to be in, or not opposed to, our best interests, except that no indemnification shall be made with respect to any claim, issue
or matter as to which such person shall have been adjudged to be liable to us, unless a court determines that, despite such adjudication
but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to
the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by us against all expenses
(including attorneys’ fees) actually and reasonably incurred in connection therewith. Expenses must be advanced to an Indemnitee
under certain circumstances.
We
maintain a directors’ and officers’ liability insurance policy insuring our directors and officers against certain liabilities
and expenses incurred by them in their capacities as such and insuring us, under certain circumstances, in the event that indemnification
payments are made by us to such directors and officers.
Transfer
Agent and Registrar
West
Coast Stock Transfer, Inc., whose address is 721 N. Vulcan Ave. Suite 106, Encinitas, CA 92024, has been appointed as the transfer agent
and registrar for our common stock.
DESCRIPTION
OF DEBT SECURITIES
We
may issue senior debt securities or subordinated debt securities (any of which may be convertible or not convertible). We use the term
debt securities in this prospectus to refer to both senior debt securities and subordinated debt securities.
The
senior debt securities will be issued under our senior debt indenture described below and will rank equally with all of our other senior
unsecured debt. The subordinated debt securities will be issued under our subordinated debt indenture described below and will be subordinate
in right of payment to all of our “senior debt,” as defined in the subordinated debt indenture, and will rank equally with
all of our other general obligations. We use the term indentures in this prospectus to refer to both the senior debt indenture and the
subordinated debt indenture. Neither indenture limits our ability to incur additional unsecured indebtedness, unless otherwise described
in the prospectus supplement relating to any series of debt securities. The indentures and the debt securities will be governed by New
York law, unless otherwise indicated in the prospectus supplement applicable to a series of debt securities.
We
have summarized some of the material provisions of the indentures on the following pages. The summary does not purport to be complete
and is subject to, and is qualified in its entirety by reference to, all provisions of the indentures, including definitions of various
terms contained in the indentures. Copies of the entire indentures are exhibits to the registration statement of which this prospectus
is a part and are incorporated herein by reference. We encourage you to read the full text of the indentures, which you can obtain as
described under the heading “Where You Can Find More Information” elsewhere in this prospectus. While the terms we have summarized
below will apply generally to any future debt securities we may offer under this prospectus, the applicable prospectus supplement or
free writing prospectus will describe the specific terms of any debt securities offered through that prospectus supplement or free writing
prospectus. The terms of any debt securities we offer under a prospectus supplement or free writing prospectus may differ from the terms
we describe below.
The
Indentures
The
senior debt securities and the subordinated debt securities are each governed by an agreement called an indenture - the senior debt indenture,
in the case of the senior debt securities, and the subordinated debt indenture, in the case of the subordinated debt securities. Each
indenture is a contract between us and the trustee. The indentures are substantially identical, except for the provisions relating to
subordination which are included only in the subordinated debt indenture.
We
will identify the trustee that we have appointed in the prospectus supplement relating to the offering of the applicable debt securities.
The
trustee under each indenture has two principal roles:
| ● | The
trustee can enforce the rights of the holders of debt securities against us if we default
on our obligations under the terms of the indenture or the debt securities. There are some
limitations on the extent to which the trustee acts on behalf of such holders, described
below under the heading “—Events of Default.” |
| ● | The
trustee performs administrative duties for us, such as sending interest payments and notices
to holders of debt securities and transferring a holder’s debt securities to a new
buyer if such holder sells such debt securities. |
Reference
to the indenture or the trustee with respect to any debt securities means the indenture under which those debt securities are issued
and the trustee under that indenture.
Conversion
or Exchange Rights
We
will set forth in the applicable prospectus supplement or free writing prospectus the terms on which a series of debt securities may
be convertible into or exchangeable for our common stock, our preferred stock or other securities (including securities of a third party).
We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include
provisions pursuant to which the number of shares of our common stock, our preferred stock or other securities (including securities
of a third party) that the holders of the series of debt securities receive would be subject to adjustment.
Terms
We
may issue as many distinct series of debt securities under either indenture as we wish. The provisions of each indenture allow us not
only to issue debt securities with terms different from those previously issued under that indenture, but also to “reopen”
a previous issue of a series of debt securities and issue additional debt securities of that series. We may issue debt securities in
amounts that exceed the total amount specified on the cover of the prospectus supplement related to debt securities you hold at any time
without your consent and without notifying you.
This
section summarizes the material terms of the debt securities that are common to all series, although the prospectus supplement which
describes the terms of each series of debt securities may also describe differences from the material terms summarized here.
Because
this section is a summary, it does not describe every aspect of the debt securities that may be important to our investors. This summary
is subject to and qualified in its entirety by reference to all the provisions of the applicable indenture, including definitions of
certain terms used in the indenture, which are attached as exhibits to this registration statement. In this summary, we describe the
meaning of only some of the more important terms.
Whenever
we refer to particular sections or defined terms of the indenture in this prospectus or in the prospectus supplement, such sections or
defined terms are incorporated by reference here or in the prospectus supplement. You must look to the indenture for the most complete
description of what we describe in summary form in this prospectus. Investors are cautioned to review the indentures carefully and in
their entirety because the indentures (and not this summary) will be the legal document that will govern the terms of our debt securities
issued hereunder.
This
summary also is subject to and qualified by reference to the description of the particular terms of any series described in the applicable
prospectus supplement. Those terms may vary from the terms described in this prospectus. The prospectus supplement relating to each series
of debt securities will be attached to the front of this prospectus. There may also be a further prospectus supplement, known as a pricing
supplement or free writing prospectus, which contains the precise terms of debt securities we may offer. Investors are encouraged to
carefully review any such prospectus supplement, pricing supplement and/or free writing prospectus before making an investment decision
regarding any of our debt securities offered hereunder.
We
may issue the debt securities as original issue discount securities, which will be offered and sold at a substantial discount below their
stated principal amount. The prospectus supplement relating to the original issue discount securities will describe federal income tax
consequences and other special considerations applicable to them. The debt securities may also be issued as indexed securities or securities
denominated in foreign currencies or currency units, as described in more detail in the prospectus supplement relating to any of the
particular series of debt securities.
The
prospectus supplement relating to a series of debt securities will describe the following terms of the series:
| ● | the
title of the series of debt securities; |
| ● | whether
they are senior debt securities or subordinated debt securities; |
| ● | any
limit on the aggregate principal amount of the series of debt securities; |
| ● | the
person to whom interest on a debt security is payable, if other than the holder thereof on
the regular record date; |
| ● | the
specified currency, currencies or currency units for principal and interest, if not U.S.
dollars; |
| ● | the
rate or rates, which may be fixed or variable, per annum at which the series of debt securities
will bear interest, if any, and the date or dates from which that interest, if any, will
accrue; |
| ● | the
place or places where the principal of, premium, if any, and interest on the debt securities
will be payable; |
| ● | the
denominations in which the debt securities will be issuable, if other than denominations
of $1,000 and any integral multiple of $1,000; |
| ● | any
mandatory or optional sinking funds or similar provisions or provisions for redemption, including
any mandatory redemption provisions or redemption at the option of the issuer; |
| ● | the
date, if any, after which and the price or prices at which the series of debt securities
may, in accordance with any optional or mandatory redemption provisions, be redeemed and
the other detailed terms and provisions of those optional or mandatory redemption provisions,
if any; |
| ● | any
index or formula used to determine the amount of payments of principal of and any premium
and interest on the debt securities; |
| ● | if
the debt securities may be converted into or exchanged for our common stock, preferred stock
or other securities, the terms on which conversion or exchange may occur, including whether
conversion or exchange is mandatory, at the option of the holder or at our option, the period
during which conversion or exchange may occur, the initial conversion or exchange rate and
the circumstance or manner in which the amount of common or preferred stock issuable upon
conversion or exchange may be adjusted or calculated according to the market price of our
common stock or preferred stock or such other securities; |
| ● | if
the debt securities are original issue discount debt securities, the yield to maturity; |
| ● | the
applicability of any provisions described under the heading “—Defeasance and
Covenant Defeasance” below; |
| ● | any
event of default under the series of debt securities if different from those described under
the heading “—Event of Default” below; |
| ● | the
names and duties of any co-trustees, authenticating agents, paying agents, transfer agents
or registrars for the debt securities; |
| ● | if
the series of debt securities will be issuable only in the form of a global security, the
depositary or its nominee with respect to the series of debt securities and the circumstances
under which the global security may be registered for transfer or exchange in the name of
a person other than depository or the nominee; and |
| ● | any
other terms of the debt securities, which could be different from or in addition to those
described in this prospectus. |
Form,
Exchange and Transfer
Unless
we indicate otherwise in the prospectus supplement, the debt securities will be issued:
| ● | only
in fully registered form; and |
| ● | in
denominations of $1,000 and integral multiples of $1,000. |
Holders
may exchange their debt securities for debt securities of the same series in any authorized denominations, as long as the total principal
amount is not changed.
Holders
may exchange or transfer their debt securities at the office of the trustee. They may also replace lost, stolen or mutilated debt securities
at that office. The trustee will act as our agent for registering debt securities in the names of the holders and transferring debt securities.
Holders
will not be required to pay a service charge to transfer or exchange their debt securities, but they may be required to pay for any tax
or other governmental charge associated with the registration, exchange or transfer. The transfer or exchange, and any replacement, will
be made only if our transfer agent is satisfied with the holder’s proof of legal ownership. We or the trustee may require an indemnity
and/or a bond before replacing any debt securities.
If
a debt security is issued as a global debt security, only the depositary will be entitled to transfer and exchange the debt security
as described in this subsection, since the depositary will be the sole holder of the debt security.
If
a debt security is issued as a registered global debt security, only the depositary - such as DTC, Euroclear or Clearstream, each as
defined in the section “Legal Ownership of Securities” below - will be entitled to transfer and exchange the debt security
as described in this subsection, since the depositary will be the sole holder of the debt security. Those who own beneficial interests
in a global security do so through participants in the applicable depositary’s securities clearance system, and the rights of these
indirect owners will be governed solely by the applicable procedures of the depositary and its participants. We describe book-entry procedures
in the section “Legal Ownership of Securities” below.
We
will not deposit money on a regular basis into any separate custodial account to repay the debt securities. In addition, we will not
be entitled to redeem a debt security before its stated maturity unless the prospectus supplement specifies provisions related to mandatory
or optional redemption. You will not be entitled to require us to buy a debt security from you before its stated maturity unless the
prospectus supplement applicable to the series of debt securities acquired by you specifies one or more repayment dates.
If
the debt securities are redeemable and we redeem less than all of the debt securities of a particular series, we may block the transfer
or exchange of debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the
day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges
of debt securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion
of any debt security being partially redeemed.
The
rules for exchange described above apply to an exchange of debt securities for other debt securities of the same series and kind. If
a debt security is convertible, or exchangeable into or for a different kind of security, the terms governing that type of conversion
or exchange will be described in the prospectus supplement.
Payment
and Paying Agents
If
interest is due on a debt security on an interest payment date, we will pay the interest to the person in whose name the debt security
is registered at the close of business on the regular record date relating to the interest payment date as will be specified in the applicable
prospectus supplement. If interest is due at maturity but on a day that is not an interest payment date, we will pay the interest to
the person entitled to receive the principal of the debt security. If principal or another amount besides interest is due on a debt security
at the stated maturity, we will pay the amount to the holder of the debt security against surrender of the debt security at a proper
place of payment or, in the case of a global debt security, in accordance with the applicable policies of the depositary, in each case,
on the terms set forth in the applicable prospectus supplement.
We
will make payments on a global security in accordance with the applicable policies of the applicable depositary as in effect from time
to time. Under those policies, we will make payments directly to the applicable depositary, or its nominee, and not to any indirect owners
who own beneficial interests in the global security.
Book-entry
and other indirect holders should consult their banks, brokers or other financial institutions for information on how they will receive
payments.
We
will make payments on a debt security in non-global, registered form as follows. We will pay interest that is due on an interest payment
date by check mailed on the interest payment date to the holder at his or her address shown on the trustee’s records as of the
close of business on the regular record date. We will make all other payments by check or wire transfer of immediately available funds
to the paying agent against surrender of the debt security.
All
payments will be made in U.S. dollars unless the prospectus supplement provides otherwise. If payments are to be made in currency other
than U.S. dollars, such payments for debt security in non-global, registered form will be made by wire transfer of immediately available
funds to any account that is maintained in the applicable specified currency at a bank designated by the holder and which is acceptable
to us and the trustee. To designate an account for wire payment, the holder must give the paying agent appropriate wire instructions
at least five business days before the requested wire payment is due. If we are obligated to make a payment in a specified currency other
than U.S. dollars, and the specified currency or any successor currency is not available to us due to circumstances beyond our control
we will be entitled to satisfy our obligation to make the payment by making the payment in U.S. dollars, on the basis of the exchange
rate determined by the designated exchange agent, in its discretion.
We
may appoint one or more financial institutions to act as our paying agents, at whose designated offices debt securities in non-global
entry form may be surrendered for payment at their maturity. We call each of those offices a paying agent. We may add, replace or terminate
paying agents from time to time. We may also choose to act as our own paying agent. In addition, the appointed trustee may also act as
the paying agent.
Regardless
of who acts as paying agent, all money paid by us to a paying agent that remains unclaimed at the end of two years after the amount is
due to a holder will be repaid to us. After that two-year period, subject to applicable unclaimed property laws, the holder may, as an
unsecured general creditor, look only to us for payment and not to the trustee, any other paying agent or anyone else.
Notices
Notices
to be given to holders of a global debt security will be given only to the applicable depositary, in accordance with its policies as
in effect from time to time. Notices to be given to holders of debt securities not in global form will be sent by mail to the respective
addresses of the holders of such debt securities as they appear in the trustee’s records. Neither the failure to give any notice
to a particular holder, nor any defect in a notice given to a particular holder, will affect the sufficiency of any notice given to another
holder.
Mergers
and Similar Transactions
Under
the terms of the applicable indenture and supplemental indenture, we will generally be permitted to merge or consolidate with another
entity. We will also generally be permitted to sell our assets substantially as an entirety to another entity. With regard to any series
of debt securities, however, unless otherwise indicated in the applicable prospectus supplement, we may not take any of these actions
unless all of the following conditions are met:
| ● | If
the successor entity in the transaction is not us, the successor entity must be a corporation,
partnership, limited liability company or trust organized under the laws of the United States,
any state in the United States or the District of Columbia and must expressly assume our
obligations under the debt securities of that series and the indenture and supplemental indenture
with respect to that series. |
| ● | Immediately
after giving effect to the transaction, no default under the debt securities of that series
has occurred and is continuing. For this purpose, “default under the debt securities
of that series” means an event of default with respect to that series or any event
that would be an event of default with respect to that series if the requirements for giving
us a default notice and for our default having to continue for a specific period of time
were disregarded. |
| ● | We
have delivered to the trustee an officers’ certificate and opinion of counsel, each
stating that the transaction complies in all respects with the indenture. |
If
the conditions described above are satisfied with respect to the debt securities of any series, we will not need to obtain the approval
of the holders of those debt securities in order to merge or consolidate or to sell our assets. Also, these conditions will apply only
if we wish to merge or consolidate with another entity or sell our assets substantially as an entirety to another entity. We will not
need to satisfy these conditions if we enter into other types of transactions, including any transaction in which we acquire stock or
assets of another entity, any transaction that involves a change of control of us but in which we do not merge or consolidate and any
transaction in which we sell less than substantially all of our assets.
Defeasance
and Covenant Defeasance
Any
series of issued debt securities may be subject to the defeasance and discharge provisions of the applicable indenture. Under those provisions,
the debt securities of any series may authorize us to elect to:
| ● | defease
and discharge us from any and all obligations with respect to those debt securities, except
for the rights of holders of those debt securities to receive payments on the securities
solely from the trust fund established pursuant to the applicable indenture and the obligations
to exchange or register the transfer of the securities, to replace temporary or mutilated,
destroyed, lost or stolen securities, to maintain an office or agency with respect to the
securities and to hold moneys for payment in trust, which we refer to as a defeasance; or |
| ● | be
released from our obligations with respect to those debt securities to comply with the restrictive
covenants which are subject to covenant defeasance, and the occurrence of certain events
of default with respect to those restrictive covenants shall no longer be an event of default,
which we refer to as a covenant defeasance. |
To
invoke defeasance or covenant defeasance with respect to any series of debt securities, we must irrevocably deposit with a trustee, in
trust, money or U.S. government obligations, or both, which will provide money in an amount sufficient to pay all sums due on that series.
As
a condition to defeasance or covenant defeasance, we must deliver to the applicable trustee an officers certificate and an opinion of
counsel stating that holders of the applicable debt securities will not recognize gain or loss for federal income tax purposes as a result
of the defeasance or covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if we did not elect the defeasance or covenant defeasance. We may exercise our defeasance option
with respect to the securities notwithstanding our prior exercise of our covenant defeasance option. If we exercise our defeasance option,
payment of the securities may not be accelerated by the reference to restrictive covenants which are subject to covenant defeasance.
If we do not comply with our remaining obligations after exercising our covenant defeasance option and the debt securities are declared
due and payable because of the occurrence of any event of default, the amount of money and U.S. government obligations on deposit in
the defeasance trust may be insufficient to pay amounts due on the securities at the time of the acceleration. However, we will remain
liable for those payments.
Modification
and Waiver of the Debt Securities
We
may change or modify either of the indentures without the consent of the holders of the debt securities so long as such changes are limited
to clarifications and/or changes that would not adversely affect the debt securities of that series in any material respect. We may also
make changes that may affect the debt securities that have yet to be issued under the applicable indentures without the approval of any
holders.
If
the proposed change will affect the debt securities of a particular series, then we must obtain approval of the holders of a majority
in principal amount of the debt securities of that series. If the proposed change will affect the debt securities of more than one series
of debt securities issued under the applicable indenture, then we must obtain approval of the holders of a majority in principal amount
of each series affected by the change.
We
may not amend the subordinated debt indenture to alter the subordination of any outstanding subordinated debt securities without the
written consent of each holder of senior debt then outstanding who would be adversely affected. In addition, we may not modify the subordination
provisions of the subordinated debt indenture in a manner that would adversely affect the outstanding subordinated debt securities of
any one or more series in any material respect, without the approval of the holders of a majority in aggregate principal amount of all
affected series, voting together as one class.
In
each case, the required approval must be given by written consent.
Book-entry
and other indirect holders should consult their banks, brokers or other financial institutions for information on how approval may be
granted or denied if we seek to change or modify either indenture or the debt securities or request a waiver.
Subordination
Provisions
Holders
of subordinated debt securities should recognize that contractual provisions in the subordinated debt indenture may prohibit us from
making payments on those securities. Subordinated debt securities are subordinate and junior in right of payment, to the extent and in
the manner stated in the subordinated debt indenture, to all of our senior debt, as defined in the subordinated debt indenture, as it
may be supplemented from time to time, including all debt securities we have issued and will issue under the senior debt indenture.
The
subordinated debt indenture defines “senior debt” as the principal of (and premium, if any) and interest (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to us) on all of our indebtedness (including
indebtedness of others guaranteed by us), other than the subordinated debt securities, whether outstanding on the date of the indenture
or thereafter created, incurred or assumed, which is (i) for money borrowed, (ii) evidenced by a note or similar instrument given in
connection with the acquisition of any businesses, properties or assets of any kind or (iii) obligations of ours as lessee under leases
required to be capitalized on the balance sheet of the lessee under generally accepted accounting principles or leases of property or
assets made as part of any sale and lease-back transaction to which we are a party, including amendments, renewals, extensions, modifications
and refunding of any such indebtedness or obligation, unless in any case in the instrument creating or evidencing any such indebtedness
or obligation or pursuant to which the same is outstanding it is provided that such indebtedness or obligation is not superior in right
of payment to the subordinated debt securities.
The
subordinated debt indenture provides that, unless all principal of and any premium or interest on the senior debt has been paid in full,
no payment or other distribution may be made in respect of any subordinated debt securities in the following circumstances:
| ● | in
the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation,
reorganization or other similar proceeding involving us or our assets; |
| ● | (a)
in the event and during the continuation of any default in the payment of principal, premium
or interest on any senior debt beyond any applicable grace period or if any event of default
with respect to any senior debt of ours has occurred and is continuing, permitting the holders
of that senior debt of ours or a trustee to accelerate the maturity of that senior debt,
unless the event of default has been cured or waived or ceased to exist and any related acceleration
has been rescinded, or (b) if any judicial proceeding is pending with respect to a payment
default or an event of default described in clause (a); or |
| ● | in
the event that any subordinated debt securities have been declared due and payable before
their stated maturity. |
If
the trustee under the subordinated debt indenture or any holders of the subordinated debt securities receive any payment or distribution
that they know is prohibited under the subordination provisions, then the trustee or the holders will have to repay that money to the
holders of the senior debt.
Even
if the subordination provisions prevent us from making any payment when due on the subordinated debt securities of any series, we will
be in default on our obligations under that series if we do not make the payment when due. This means that the trustee under the subordinated
debt indenture and the holders of that series can take action against us, but they will not receive any money until the claims of the
holders of senior debt have been fully satisfied.
Events
of Default
Unless
the applicable prospectus supplement provides otherwise, when we refer to an event of default with respect to any series of debt securities,
we mean any of the following:
| ● | failure
to pay interest on any debt security of that series within 30 days after its due date; |
| ● | failure
to pay the principal of or any premium on any debt security of that series on the due date; |
| ● | failure
to deposit a sinking fund payment with regard to any debt security of that series on the
due date, but only if the payment is required under the applicable prospectus supplement; |
| ● | we
remain in breach of any covenant we make in the indenture or the applicable supplemental
indenture for the benefit of the relevant series for 90 days after we receive a written notice
of default stating that we are in breach and requiring us to remedy the breach. The notice
must be sent by the trustee or the holders of at least a majority in principal amount of
the relevant series of debt securities; or |
| ● | the
occurrence of specified bankruptcy, insolvency or reorganization events. |
An
event of default for one series of debt securities does not necessarily constitute an event of default for any other series. The trustee
may withhold notice to the debt securities holders of any default, except a payment default, if it considers such action to be in the
holders’ interests.
If
the specified bankruptcy, insolvency or reorganization events occur, the entire principal of all the debt securities of that series,
together with all accrued and unpaid interest, will be due and payable immediately. If any other event of default occurs and continues,
the trustee, or the holders of at least a majority in aggregate principal amount of the outstanding debt securities of the applicable
series, may declare the entire principal of all the debt securities of that series to be due and payable immediately. If this happens,
and if we cure the event of default in the manner specified in the applicable indenture or supplemental indenture, the holders of a majority
of the aggregate outstanding principal amount of the debt securities of that series can void the acceleration of payment.
The
indentures provide that the trustee has no obligation to exercise any of its rights at the direction of any holders of debt securities,
unless the holders offer the trustee reasonable indemnity. If such holders provide this indemnification to the trustee, the holders of
a majority in principal amount of any series of debt securities have the right to direct any proceeding, remedy or power available to
the trustee with respect to that series.
Book-entry
and other indirect holders should consult their banks, brokers or other financial institutions for information on how to give notice
or direction to or make a request of the trustee and to make or cancel a declaration of acceleration.
We
will provide the trustee every year with a written statement of certain of our officers certifying that to their knowledge we are in
compliance with the applicable indenture and the debt securities issued under it, or else specifying any default.
The
Trustee
If
we offer a series of debt securities, we will identify the banking or financial institution which will act as trustee under the applicable
indenture in the prospectus supplement for that offering. If a single banking or financial institution acts as trustee with respect to
both the indentures, and a default occurs with respect to any series of debt securities, the banking or financial institution would generally
be required to resign as trustee under one of the indentures within 90 days of the default, unless the default were cured, duly waived
or otherwise eliminated.
Governing
Law
New
York law will govern the indentures and the debt securities.
DESCRIPTION
OF WARRANTS
The
following description, together with the additional information we may include in any applicable prospectus supplement and in any related
free writing prospectus that we may authorize to be distributed to you, summarizes the material terms and provisions of the warrants
that we may offer under this prospectus, which may consist of warrants to purchase common stock, preferred stock or debt securities and
may be issued in one or more series. Warrants may be offered independently or in combination with common stock, preferred stock or debt
securities offered by any prospectus supplement. While the terms we have summarized below will apply generally to any warrants that we
may offer under this prospectus, we will describe the particular terms of any series of warrants in more detail in the applicable prospectus
supplement. The following description of warrants will apply to the warrants offered by this prospectus unless we provide otherwise in
the applicable prospectus supplement. The applicable prospectus supplement for a particular series of warrants may specify different
or additional terms.
We
will file as exhibits to the registration statement of which this prospectus is a part, or will incorporate by reference from reports
that we file with the SEC, the form of warrant or the warrant agreement and a form of warrant certificate, as applicable, that describes
the terms of the particular series of warrants we are offering, as well as any supplemental agreements, before the issuance of such warrants.
The following summaries of material provisions of the warrants are subject to, and qualified in their entirety by reference to, all the
provisions of the form of warrant or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements applicable
to a particular series of warrants that we may offer under this prospectus. We urge you to read the applicable prospectus supplement
related to the particular series of warrants that we may offer under this prospectus, as well as any related free writing prospectus,
and the complete form of warrant or the warrant agreement and warrant certificate, as applicable, and any supplemental agreements, that
list the terms of the warrants.
General
In
the applicable prospectus supplement, we will describe the terms of any warrants being offered, including, to the extent applicable:
| ● | the
title of the warrants; |
| ● | the
offering price and aggregate number of warrants offered; |
| ● | the
price or prices at which the warrants may be purchased; |
| ● | the
designation and terms of the securities with which the warrants are issued and the number
of warrants issued with each such security or each principal amount of such security; |
| ● | in
the case of warrants to purchase debt securities, the designation, aggregate principal amount,
denominations and terms of the debt securities purchasable upon exercise of a warrant to
purchase debt securities and the price at which the debt securities may be purchased upon
exercise; |
| ● | in
the case of warrants to purchase common stock or preferred stock, the number of shares of
common stock or preferred stock, as the case may be, purchasable upon the exercise of one
warrant and the price at which these shares may be purchased upon such exercise; |
| ● | the
date on and after which the warrants and the related securities will be separately transferable; |
| ● | the
effect of any merger, consolidation, sale or other disposition of our business on the warrant
agreements and the warrants; |
| ● | the
terms of any rights to redeem or call the warrants; |
| ● | the
terms of any rights to force the exercise of the warrants; |
| ● | any
provisions for changes to or adjustments in the exercise price or number of securities issuable
upon exercise of the warrants; |
| ● | the
date on which the right to exercise the warrants will commence and the date on which the
right will expire; |
| ● | the
minimum or maximum number of warrants that may be exercised at any one time; |
| ● | the
manner in which the warrant agreements and warrants may be modified; |
| ● | information
relating to book-entry procedures, if any; |
| ● | a
discussion of material U.S. federal income tax considerations of holding or exercising the
warrants; |
| ● | any
other terms of the warrants, including terms, procedures and limitations relating to the
exchange and exercise of the warrants; and |
| ● | any
other specific terms, preferences, rights or limitations of or restrictions on the warrants. |
Before
exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise,
including:
| ● | in
the case of warrants to purchase debt securities, the right to receive payments of principal
of, or premium, if any, or interest on, the debt securities purchasable upon exercise or
to enforce covenants in the applicable indenture; or |
| ● | in
the case of warrants to purchase common stock or preferred stock, the right to receive dividends,
if any, or payments upon our liquidation, dissolution or winding up or to exercise voting
rights, if any. |
Exercise
of Warrants
Each
warrant will entitle the holder to purchase the securities or shares of stock at such exercise price that we describe in the applicable
prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the
warrants at any time up to the close of business on the expiration date that we set forth in the applicable prospectus supplement. After
the close of business on the expiration date, unexercised warrants will become void.
Unless
we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants by delivering the warrant
certificate representing the warrants to be exercised together with specified information and paying the required amount to the warrant
agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on the reverse side of the
warrant certificate and in the applicable prospectus supplement the information that the holder of the warrant will be required to deliver
to the warrant agent in connection with the exercise of the warrant.
Upon
receipt of the required payment and the warrant or warrant certificate, as applicable, properly completed and duly executed at the corporate
trust office of the warrant agent, if any, or any other office indicated in the applicable prospectus supplement, we will issue and deliver
the securities purchasable upon such exercise. If fewer than all of the warrants or of the warrants represented by such warrant certificate,
as applicable, are exercised, then we will issue a new warrant or warrant certificate, as applicable, for the remaining number of warrants.
If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise
price for warrants.
Governing
Law
Unless
we provide otherwise in the applicable prospectus supplement, the warrants and warrant agreements, and any claim, controversy or dispute
arising under or related to the warrants or warrant agreements, will be governed by and construed in accordance with the laws of the
State of New York.
Enforceability
of Rights by Holders of Warrants
Each
warrant agent, if any, will act solely as our agent under the applicable warrant agreement and will not assume any obligation or relationship
of agency or trust with any holder of any warrant. A single bank or trust company may act as warrant agent for more than one issue of
warrants. A warrant agent will have no duty or responsibility in case of any default by us under the applicable warrant agreement or
warrant, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder
of a warrant may, without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action
its right to exercise, and receive the securities purchasable upon exercise of, its warrants.
Amendments
and Supplements to the Warrant Agreements
We
may amend or supplement a warrant agreement without the consent of the holders of the applicable warrants to cure ambiguities in the
warrant agreement, to cure or correct a defective provision in the warrant agreement, or to provide for other matters under the warrant
agreement that we and the warrant agent deem necessary or desirable, so long as, in each case, such amendments or supplements do not
materially adversely affect the interests of the holders of the warrants.
Warrant
Adjustments
Unless
the applicable prospectus supplement states otherwise, the exercise price of, and the number of securities covered by, a warrant to purchase
shares of common stock or preferred stock will be adjusted proportionately if we subdivide or combine common stock or preferred stock,
as applicable. In addition, unless the prospectus supplement states otherwise, if we, without payment:
| ● | issue
capital stock or other securities convertible into or exchangeable for preferred stock or
common stock, or any rights to subscribe for, purchase or otherwise acquire either class
of capital stock, as a dividend or distribution to holders of our preferred stock or common
stock; |
| ● | pay
any cash to holders of our preferred stock or common stock other than a cash dividend paid
out of our current or retained earnings or other than in accordance with the terms of the
preferred stock; |
| ● | issue
any evidence of our indebtedness or rights to subscribe for or purchase our indebtedness
to holders of our preferred stock or common stock; or |
| ● | issue
preferred stock or common stock or additional stock or other securities or property to holders
of our preferred stock or common stock by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement, |
then
the holders of warrants will be entitled to receive upon exercise of the warrants, in addition to the securities otherwise receivable
upon exercise of the warrants and without paying any additional consideration, the amount of stock and other securities and property
those holders would have been entitled to receive had they held the preferred stock or common stock, as applicable, issuable under the
warrants on the dates on which holders of those securities received or became entitled to receive the additional stock and other securities
and property.
Except
as stated above, the exercise price and number of securities covered by a preferred stock or common stock warrant, and the amounts of
other securities or property to be received, if any, upon exercise of those warrants, will not be adjusted or provided for if we issue
those securities or any securities convertible into or exchangeable for those securities, or securities carrying the right to purchase
those securities or securities convertible into or exchangeable for those securities.
Holders
of preferred stock or common stock warrants may have additional rights under the following circumstances:
| ● | certain
reclassifications, capital reorganizations or changes of the preferred stock or common stock,
as applicable; |
| ● | certain
share exchanges, mergers, or similar transactions involving our Company, and which result
in changes of preferred stock or common stock, as applicable; or |
| ● | certain
sales or dispositions to another entity of all or substantially all of our property and assets. |
If
one of the above transactions occurs and holders of our preferred stock or common stock are entitled to receive capital stock, securities
or other property with respect to or in exchange for their securities, the holders of the preferred stock or common stock warrants then
outstanding, as applicable, will be entitled to receive upon exercise of their warrants the kind and amount of shares of capital stock
and other securities or property that they would have received upon the applicable transaction if they had exercised their warrants immediately
before the transaction.
DESCRIPTION
OF SUBSCRIPTION RIGHTS
The
following is a general description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription
rights we offer will be described in the prospectus supplement or free writing prospectus relating to such subscription rights and may
differ from the terms described herein.
We
may issue subscription rights to purchase our securities. These subscription rights may be issued independently or together with any
other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such offering.
In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other
purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for
after such offering.
The
applicable prospectus supplement will describe the specific terms of any offering of subscription rights for which this prospectus is
being delivered, including the following:
| ● | whether
common stock, preferred stock or warrants for those securities will be offered under the
stockholder subscription rights; |
| ● | the
price, if any, for the subscription rights; |
| ● | the
exercise price payable for each security upon the exercise of the subscription rights; |
| ● | the
number of subscription rights issued to each stockholder; |
| ● | the
number and terms of the securities which may be purchased per each subscription right; |
| ● | the
extent to which the subscription rights are transferable; |
| ● | any
other terms of the subscription rights, including the terms, procedures and limitations relating
to the exchange and exercise of the subscription rights; |
| ● | the
date on which the right to exercise the subscription rights shall commence, and the date
on which the subscription rights shall expire; |
| ● | the
extent to which the subscription rights may include an over-subscription privilege with respect
to unsubscribed securities; |
| ● | if
appropriate, a discussion of material U.S. federal income tax considerations; and |
| ● | if
applicable, the material terms of any standby underwriting or purchase arrangement entered
into by us in connection with the offering of subscription rights. |
The
description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be
qualified in its entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will
be filed with the SEC if we offer subscription rights.
DESCRIPTION
OF UNITS
This
section outlines some of the provisions of the units and the unit agreements. This information may not be complete in all respects and
is qualified entirely by reference to the unit agreement with respect to the units of any particular series. The specific terms of any
series of units will be described in the applicable prospectus supplement or free writing prospectus. If so described in a particular
prospectus supplement or free writing prospectus, the specific terms of any series of units may differ from the general description of
terms presented below.
As
specified in the applicable prospectus supplement, we may issue units consisting of one or more shares of common stock, shares of preferred
stock, debt securities, warrants, subscription rights or any combination of such securities.
The
applicable prospectus supplement will specify the following terms of any units in respect of which this prospectus is being delivered:
| ● | the
terms of the units and of any of the shares of common stock, shares of preferred stock, debt
securities, warrants or subscription rights comprising the units, including whether and under
what circumstances the securities comprising the units may be traded separately; |
| ● | a
description of the terms of any unit agreement governing the units; |
| ● | if
appropriate, a discussion of material U.S. federal income tax considerations; and |
| ● | a
description of the provisions for the payment, settlement, transfer or exchange of the units. |
LEGAL
OWNERSHIP OF SECURITIES
We
can issue securities in registered form or in the form of one or more global securities. We describe global securities in greater detail
below. We refer to those persons who have securities registered in their own names on the books that we or any applicable trustee, depositary
or warrant agent maintain for this purpose as the “holders” of those securities. These persons are the legal holders of the
securities. We refer to those persons who, indirectly through others, own beneficial interests in securities that are not registered
in their own names as “indirect holders” of those securities. As we discuss below, indirect holders are not legal holders
and investors in securities issued in book-entry form or in street name will be indirect holders.
Book-Entry
Holders
We
may issue securities in book-entry form only, as we will specify in the applicable prospectus supplement. This means securities may be
represented by one or more global securities registered in the name of a financial institution that holds them as depositary on behalf
of other financial institutions that participate in the depositary’s book-entry system. These participating institutions, which
are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.
Only
the person in whose name a security is registered is recognized as the holder of that security. Global securities will be registered
in the name of the depositary or its participants. Consequently, for global securities, we will recognize only the depositary as the
holder of the securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments
it receives to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary
and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so
under the terms of the securities.
As
a result, investors in a global security will not own securities directly. Instead, they will own beneficial interests in a global security,
through a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest
through a participant. As long as the securities are issued in global form, investors will be indirect holders, and not legal holders,
of the securities.
Street
Name Holders
We
may terminate a global security or issue securities that are not issued global form. In these cases, investors may choose to hold their
securities in their own names or in “street name.” Securities held by an investor in street name would be registered in the
name of a bank, broker or other financial institution that the investor chooses, and the investor would hold only a beneficial interest
in those securities through an account he or she maintains at that institution.
For
securities held in street name, we or any applicable trustee or depositary will recognize only the intermediary banks, brokers and other
financial institutions in whose names the securities are registered as the holders of those securities, and we or any applicable trustee
or depositary will make all payments on those securities to them. These institutions pass along the payments they receive to their customers
who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required
to do so. Investors who hold securities in street name will be indirect holders, not holders, of those securities.
Legal
Holders
Our
obligations, as well as the obligations of any applicable trustee or third party employed by us or a trustee, run only to the legal holders
of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any
other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security or has no choice because
we are issuing the securities only in global form.
For
example, once we make a payment or give a notice to the legal holder, we have no further responsibility for the payment or notice even
if that legal holder is required, under agreements with its participants or customers or by law, to pass it along to the indirect holders
but does not do so. Similarly, we may want to obtain the approval of the holders to amend an indenture, to relieve us of the consequences
of a default or of our obligation to comply with a particular provision of an indenture or for other purposes. In such an event, we would
seek approval only from the legal holders, and not the indirect holders, of the securities. Whether and how the legal holders contact
the indirect holders is up to the legal holders.
Special
Considerations for Indirect Holders
If
you hold securities through a bank, broker or other financial institution, either in book-entry form because the securities are represented
by one or more global securities or in street name, you should check with your own institution to find out:
| ● | how
it handles securities payments and notices; |
| ● | whether
it imposes fees or charges; |
| ● | how
it would handle a request for the holders’ consent, if ever required; |
| | |
| ● | whether
and how you can instruct it to send you securities registered in your own name so you can
be a registered holder, if that is permitted in the future; |
| ● | how
it would exercise rights under the securities if there were a default or other event triggering
the need for holders to act to protect their interests; and |
| ● | if
the securities are in book-entry form, how the depositary’s rules and procedures will
affect these matters. |
Global
Securities
A
global security is a security that represents one or any other number of individual securities held by a depositary. Generally, all securities
represented by the same global securities will have the same terms.
Each
security issued in book-entry form will be represented by a global security that we issue to, deposit with and register in the name of
a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary.
Unless we specify otherwise in the applicable prospectus supplement, the DTC will be the depositary for all securities issued in book-entry
form.
A
global security may not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor depositary,
unless special termination situations arise. We describe those situations below under “—Special Situations When a Global
Security Will Be Terminated.” As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner
and legal holder of all securities represented by a global security, and investors will be permitted to own only beneficial interests
in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that
in turn has an account with the depositary or with another institution that does. Thus, an investor whose security is represented by
a global security will not be a legal holder of the security, but only an indirect holder of a beneficial interest in the global security.
If
the prospectus supplement for a particular security indicates that the security will be issued as a global security, then the security
will be represented by a global security at all times unless and until the global security is terminated. If termination occurs, we may
issue the securities through another book-entry clearing system or decide that the securities may no longer be held through any book-entry
clearing system.
Special
Considerations for Global Securities
As
an indirect holder, an investor’s rights relating to a global security will be governed by the account rules of the investor’s
financial institution and of the depositary, as well as general laws relating to securities transfers. We do not recognize an indirect
holder as a holder of securities and instead deal only with the depositary that holds the global security.
If
securities are issued as global securities, an investor should be aware of the following:
| ● | an
investor cannot cause the securities to be registered in his or her name, and cannot obtain
non-global certificates for his or her interest in the securities, except in the special
situations we describe below; |
| ● | an
investor will be an indirect holder and must look to his or her own bank or broker for payments
on the securities and protection of his or her legal rights relating to the securities, as
we describe above; |
| ● | an
investor may not be able to sell interests in the securities to some insurance companies
and to other institutions that are required by law to own their securities in non-book-entry
form; |
| ● | an
investor may not be able to pledge his or her interest in the global security in circumstances
where certificates representing the securities must be delivered to the lender or other beneficiary
of the pledge in order for the pledge to be effective; |
| ● | the
depositary’s policies, which may change from time to time, will govern payments, transfers,
exchanges and other matters relating to an investor’s interest in a global security.
We and any applicable trustee have no responsibility for any aspect of the depositary’s
actions or for its records of ownership interests in the global security. We and the trustee
also do not supervise the depositary in any way; |
| ● | the
depositary may, and we understand that the DTC will, require that those who purchase and
sell interests in the global security within its book-entry system use immediately available
funds, and your broker or bank may require you to do so as well; and |
| ● | financial
institutions that participate in the depositary’s book-entry system, and through which
an investor holds its interest in the global security, may also have their own policies affecting
payments, notices and other matters relating to the securities. |
There
may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for
the actions of any of those intermediaries.
Special
Situations When a Global Security Will Be Terminated
In
a few special situations described below, a global security will terminate and interests in it will be exchanged for physical certificates
representing those interests. After that exchange, the choice of whether to hold securities directly or in street name will be up to
the investor. Investors must consult their own banks or brokers to find out how to have their interests in securities transferred to
their own name, so that they will be direct holders. We have described the rights of holders and street name investors above.
Unless
we provide otherwise in the applicable prospectus supplement, the global security will terminate when the following special situations
occur:
| ● | if
the depositary notifies us that it is unwilling, unable or no longer qualified to continue
as depositary for that global security and we do not appoint another institution to act as
depositary within 90 days; |
| ● | if
we notify any applicable trustee that we wish to terminate that global security; or |
| ● | if
an event of default has occurred with regard to securities represented by that global security
and has not been cured or waived. |
The
applicable prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular
series of securities covered by the prospectus supplement. When a global security terminates, the depositary, and neither we nor any
applicable trustee, is responsible for deciding the names of the institutions that will be the initial direct holders.
PLAN
OF DISTRIBUTION
We
may sell our securities in any one or more of the following ways:
| ● | to
or through underwriters, brokers or dealers (acting as agent or principal); |
| ● | directly
to one or more other purchasers; |
| ● | upon
the exercise of rights distributed or issued to our security holders; |
| ● | through
a block trade in which the broker or dealer engaged to handle the block trade will attempt
to sell the securities as agent, but may position and resell a portion of the block as principal
to facilitate the transaction; |
| ● | in
“at the market” offerings within the meaning of Rule 415(a)(4) under the Securities
Act or through a market maker or into an existing market, on an exchange, or otherwise; |
| ● | directly
to purchasers, through a specific bidding or auction process, on a negotiated basis or otherwise; |
| ● | through
agents on a best-efforts basis; |
| ● | through
any other method permitted pursuant to applicable law; or |
| ● | otherwise
through a combination of any of the above methods of sale. |
Sales
of securities may be affected from time to time in one or more transactions, including negotiated transactions:
| ● | at
a fixed price or prices, which may be changed; |
| ● | at
market prices prevailing at the time of sale; |
| ● | at
prices related to prevailing market prices; |
| ● | at
varying prices determined at the time of sale; or |
In
addition, we may enter into option, share lending or other types of transactions that require us to deliver shares of common stock to
an underwriter, broker or dealer, who will then resell or transfer the shares of common stock under this prospectus. We may also enter
into hedging transactions with respect to our securities. For example, we may enter into option or other types of transactions that require
us to deliver shares of common stock to an underwriter, broker or dealer, who will then resell or transfer the shares of common stock
under this prospectus; or loan or pledge the shares of common stock to an underwriter, broker or dealer, who may sell the loaned shares
or, in the event of default, sell the pledged shares.
We
may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so,
the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open
borrowings of stock and may use securities received from us in settlement of those derivatives to close out any related open borrowings
of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified
in the applicable prospectus supplement (or a post-effective amendment of the registration statement of which this prospectus is a part).
In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities
short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in
our securities or in connection with a concurrent offering of other securities.
If
we use any underwriter, the prospectus supplement will name any underwriter involved in the offer and sale of the securities. If underwriters
or dealers are used in the sale, the securities will be acquired by the underwriters or dealers for their own account. The prospectus
supplement will also set forth the terms of the offering, including:
| ● | the
purchase price of the securities and the proceeds we will receive from the sale of the securities; |
| ● | any
underwriting discounts and other items constituting underwriters’ compensation; |
| ● | any
public offering or purchase price and any discounts or commissions allowed or re-allowed
or paid to dealers; |
| ● | any
commissions allowed or paid to agents; |
| ● | any
securities exchanges on which the securities may be listed; |
| ● | the
method of distribution of the securities; |
| ● | the
terms of any agreement, arrangement or understanding entered into with the underwriters,
brokers or dealers; and |
| ● | any
other information we think is important. |
The
securities may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly
by one or more of such firms. Unless otherwise set forth in the prospectus supplement, the obligations of underwriters or dealers to
purchase the securities offered will be subject to certain conditions precedent and the underwriters or dealers will be obligated to
purchase all of the offered securities if any are purchased. Any public offering price and any discount or concession allowed or reallowed
or paid by underwriters or dealers to other dealers may be changed from time to time.
The
securities may be sold directly by us through agents designated by us from time to time. Any agent involved in the offer or sale of the
securities in respect of which this prospectus is delivered will be named in, and any commissions payable by us to such agent will be
set forth in, the prospectus supplement. Unless otherwise indicated in the prospectus supplement, any such agent will be acting on a
best-efforts basis for the period of its appointment.
Offers
to purchase the securities offered by this prospectus may be solicited, and sales of the securities may be made by us directly to institutional
investors or others, who may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the
securities. The terms of any offer made in this manner will be included in the prospectus supplement relating to the offer. If indicated
in the applicable prospectus supplement, underwriters, dealers or agents will be authorized to solicit offers by certain institutional
investors to purchase securities from us pursuant to contracts providing for payment and delivery at a future date on the terms set forth
in the applicable prospectus supplement.
Broker-dealers
or agents involved in an arrangement to sell any of the offered securities may, under certain circumstances, be deemed to be “underwriters”
within the meaning of the Securities Act. Any profit on such sales and any discount, commission, concession or other compensation received
by any such underwriter, broker-dealer or agent may be deemed an underwriting discount and commission under the Exchange Act. Except
as indicated in the applicable prospectus supplement, any purchasers will pay all discounts, concessions, commissions and similar selling
expenses, if any, that can be attributed to the sale of the shares of such common stock.
Some
of the underwriters, dealers or agents used by us in any offering of securities under this prospectus may be customers of, engage in
transactions with, and perform services for us or affiliates of ours in the ordinary course of business. Underwriters, dealers, agents
and other persons may be entitled under agreements which may be entered into with us to indemnification against and contribution toward
certain civil liabilities, including liabilities under the Securities Act, and to be reimbursed by us for certain expenses.
Any
securities initially sold outside the U.S. may be resold in the U.S. through underwriters, dealers or otherwise.
The
anticipated date of delivery of the securities offered by this prospectus will be described in the applicable prospectus supplement relating
to the offering.
In
compliance with the guidelines of the Financial Industry Regulatory Authority (“FINRA”) the aggregate maximum discount, commission,
agency fees or other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will
not exceed such amounts as is determined to be unfair or unreasonable under applicable FINRA rules.
No
FINRA member may participate in any offering of securities made under this prospectus if such member has a conflict of interest under
FINRA Rule 5121 unless a qualified independent underwriter has participated in the offering, or the offering otherwise complies with
FINRA Rule 5121.
To
comply with the securities laws of some states, if applicable, the securities that may be offered pursuant to this prospectus may be
sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not
be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available
and is complied with.
All
securities we may offer pursuant to this prospectus, other than common stock, will be new issues of securities with no established trading
market. Any underwriters may make a market in these securities but will not be obligated to do so and may discontinue any market making
at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities.
Any
underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation
M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions
permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering
or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option or in
the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling
concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to
cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced,
the underwriters may discontinue any of the activities at any time.
Any
underwriters or agents that are qualified market makers may engage in passive market making transactions in the common stock in accordance
with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers
or sales of our common stock. Passive market makers must comply with applicable volume and price limitations and must be identified as
passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid
for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s
bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities
at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.
LEGAL
MATTERS
Unless
otherwise indicated in the applicable prospectus supplement, certain legal matters in connection with the offering and the validity of
the securities offered by this prospectus, and any supplement thereto, will be passed upon by Sheppard, Mullin, Richter & Hampton
LLP, New York, New York. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we
will name in the applicable prospectus supplement.
EXPERTS
Our
consolidated financial statements as of and for the years ended December 31, 2023 and 2022, incorporated by reference in this prospectus
and the registration statement, of which it forms a part, have been audited by Salberg & Company, P.A. and D. Brooks and Associates
CPAs, P.A., respectively, independent registered public accounting firms, as set forth in each of their reports thereon incorporated
by reference herein, and are included in reliance on such reports given on the authority of such firms as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus is part of a registration statement on Form S-3 we filed with the SEC under the Securities Act. This prospectus does not
contain all of the information set forth in the registration statement and the exhibits to the registration statement. For further
information with respect to us and the securities we are offering under this prospectus, we refer you to the registration statement
and the exhibits and schedules filed as a part of the registration statement. You should rely only on the information contained in
this prospectus or incorporated by reference herein. Neither we nor any agent, underwriter or dealer has authorized anyone else to
provide you with different information. We are not making an offer of these securities in any state where the offer is not
permitted. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front
page of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities offered by this
prospectus. Whenever a reference is made in this prospectus to any of our contracts, agreements or other documents, the reference
may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits to the
reports or other documents incorporated by reference into this prospectus for a copy of such contract, agreement or other
document.
We
file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains
reports, proxy and information statements and other information regarding issuers that file electronically with the SEC, including our
Company. The address of the SEC website is www.sec.gov.
INFORMATION
INCORPORATED BY REFERENCE
The
SEC allows us to “incorporate by reference” information from other documents that we file with it, which means that we can
disclose important information to you by referring you to those documents. The information incorporated by reference is considered to
be part of this prospectus. Information in this prospectus supersedes information incorporated by reference that we filed with the SEC
prior to the date of this prospectus, while information that we file later with the SEC will automatically update and supersede the information
in this prospectus. We incorporate by reference into this prospectus and the registration statement of which this prospectus is a part
the information or documents listed below that we have filed with the SEC:
| ● | our
Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March
27, 2024 (the “Annual Report”); |
| ● | our
Current Reports on Form 8-K and Form 8-K/A filed with the SEC on January 10, 2024, January 10, 2024, February 28, 2024, March 11, 2024, March 13, 2024, March 15, 2024, March 20, 2024 and September 23, 2024; |
| ● | our
Definitive Proxy Statement on Schedule 14A for our 2024 annual meeting of stockholders filed
with the SEC on November 19, 2024; and |
| ● | the
description of our common stock in our registration statement on Form 8-A filed with the
SEC on February 10, 2023, including any amendment or report filed for the purpose of updating
such description, including the description of our common stock in Exhibit 4.1 of the Annual
Report. |
We
also incorporate by reference into this prospectus all documents (other than Current Reports on Form 8-K furnished under Item 2.02 or
Item 7.01 of Form 8-K and exhibits furnished with such reports related to such items unless such Form 8-K expressly provides to the contrary,
and other portions of documents that are furnished, but not filed, pursuant to applicable rules promulgated by the SEC) that we file
with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (i) after the date of the initial filing of the registration
statement of which this prospectus forms a part and prior to effectiveness of the registration statement, and (ii) after the date of
this prospectus but prior to the termination of all offerings covered by this prospectus, and such documents will become a part of this
prospectus from the date that such documents are filed with the SEC.
We
will provide to each person, including any beneficial owner, to whom a prospectus is delivered, without charge upon written or oral request,
a copy of any or all of the documents that are incorporated by reference into this prospectus but not delivered with the prospectus,
including exhibits that are specifically incorporated by reference into such documents. You should direct any requests for documents
to:
Gaxos.ai
Inc.
101
Eisenhower Parkway, Suite 300
Roseland,
NJ 07068
(973)
275-7428
Attn:
Corporate Secretary
You
may also access these documents on our website at https://gaxos.ai. Information contained in or accessible through our website
does not constitute a part of this prospectus and is not incorporated by reference into this prospectus.
Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or
any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.
Gaxos.ai Inc.
1,449,277 Shares of Common Stock
PROSPECTUS SUPPLEMENT
H.C. Wainwright
& Co.
December 18, 2024
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