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Why XpresSpa's Stock Is Trading Higher Today

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Why XpresSpa's Stock Is Trading Higher Today

XpresSpa Group, Inc. (NASDAQ: XSPA) shares are trading higher after the company announced Monday afternoon it significantly strengthened its balance sheet through recent capital raises and debt reduction and that it launched COVID-19 testing at JFK on June 22nd.

"The approximately $48 million in gross proceeds that we have raised since January will be used to explore emerging health and wellness opportunities that we can roll out to our portfolio as well as consider additional COVID-19 testing sites through our XpresCheck brand," said CEO Doug Satzman.

The new modular constructed testing facility hosts nine separate testing rooms with a capacity to administer over 500 COVID-19 tests per day, according to the company's press release.

XpresSpa is a health and wellness holding company. The company is engaged in building a preeminent pure-play health and wellness services company around its core asset XpresSpa.

XpresSpa's stock was trading up 7.80% at $4.01 per share on Tuesday at the time of publication. The company has a 52-week high of $8.82 and a 52-week low of 15 cents.

 

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