Business
XWELL Announces Plans to File Form 12b-25 to Extend Filing Date of its Form 10-K And Provides Preliminary FY2022 Operating Update
NEW YORK, March 30, 2023 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), an authority in health and wellness solutions for people
About this update from Xwell, Inc.
[{"type":"text","content":"NEW YORK, March 30, 2023 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), an authority in health and wellness solutions for people on the go, today announced plans to file a Form 12b-25 with the U.S. Securities and Exchange Commission regarding its Annual Report on Form 10-K for the year ended December 31, 2022. The Company requires additional time to complete a review in accordance with generally accepted accounting principles to assess the amount of a non-cash impairment charge required for the fourth quarter of 2022. The Form 12b-25 provides the Company with an additional 15 calendar days to complete its assessment and allows its independent registered public accounting firm extra time to complete its audit of the Company’s financial statements before filing its Form 10-K. The Company currently anticipates filing the 2022 Form 10-K as soon as practicable and expects that, in compliance with Rule 12b-25, it will be filed no later than April 17, 2023. XWELL will make a subsequent press release to schedule the date and time of its fourth quarter conference call once the filing date of its Form 10-K is confirmed. “The Company continues to work diligently to complete its impairment review and to assist its auditors with their completion of the audit of our financial statements,” commented Scott Milford, XWELL’s Chief Executive Officer. “Operationally, as outlined in our December letter to shareholders, XWELL has made steady progress executing against the Company’s business strategy. This includes creating a leaner and more profitable Spa business domestically and internationally, growing our existing health division through expanded support of the CDC program and bio-surveillance efforts, exploring opportunities to invest in health and wellness business growth outside the airport and efficiently leveraging our capital and optimizing our cost structure to ensure we can fund our future.” Mr. Milford added, “XWELL enters 2023 positioned to capitalize on our growth goals and I’m quite excited about our path ahead.\" The Company also announced preliminary unaudited financial results for the fiscal year ended December 31, 2022. Selected Preliminary Fiscal Year 2022 Financial Update Fiscal year 2022 total revenue is projected to total approximately $56 million, primarily consisting of $15 million in revenue from...