HXPN Inc. (OTCMKTS:HXPN) is up 8% in a week. The company received a commitment letter from OPUS AMDG Inc. to raise around $500 million debt capital via a Global Note that OPUS will issue.
Market Action:
On Tuesday, HXPN stock decreased 1.04% at $0.0859 with more than 70.20K shares, compared to its average volume of 47.41K shares. The stock has moved within a range of $0.0800 – 0.0920 after opening the trade at $0.0800.
Key Development
HXPN will use funds from the capital raise to make acquisitions of various equity investments. OPUS’s commitment is subject to the execution of the OPUS Service Agreement that HXPN is evaluating, currently that it expects to execute in the next ten days. Currently, the parties expect the capital raise to close and be fully funded by the end of 2021, subject to due diligence.
CEO and President Steve Bailey said they are delighted to clear such a huge hurdle in finding the ideal partner to help the company with its capital needs. He added that OPUS understands what HXPN is doing, and they see the value related to the company’s investment plans. Also, OPUS has the right partners that will make the process easier, including assistance to source bridge funding. Therefore, HXPN is worth watching in the coming months.
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