Recent Updates — NVFY
XMax Inc. shareholders approved proposals to ratify prior transactions and issuances, authorize a private placement offering, and authorize a registered direct offering under an effective Form S-3 registration statement, both involving the sale of more than 20% of outstanding shares at prices below Nasdaq's minimum price requirements. The company also received discretionary authority to adjourn the meeting for additional proxy solicitation. XMax Inc. operates in the technology sector.
XMax Inc. entered into a five-year B300 GPUaaS Service Agreement with DSH HYPER PTE. LTD., securing dedicated high-performance computing capacity from kt cloud Co., Ltd. The initial configuration includes 480 NVIDIA B300 GPUs and 300 TB of storage, expanding to 512 GPUs and 560 TB. Total scheduled service charges are approximately KRW 162.3 billion (US$122.5 million), payable in monthly installments starting October 29, 2026. The agreement is subject to board approval and the delivery of a standby letter of credit by November 17, 2026. XMax expects the related AI infrastructure projects to generate over US$100 million in cumulative revenue over five years as it commercializes its NeoCloud and AI Token Factory offerings. XMax Inc. is a diversified company engaged in the design, sourcing, and distribution of contemporary furniture, as well as the development of artificial intelligence technologies and applications.
XMax Inc. entered into a definitive Share Purchase Agreement on October 5, 2026, to acquire 100% of Hexa Creation Inc., a developer of 1200V vertical gallium nitride (GaN) power semiconductors for AI data center infrastructure and high-voltage applications. The aggregate purchase price is $4,123,711.34, payable in two tranches: an initial net payment of approximately $1.56 million at closing and deferred consideration of approximately $2.06 million due by December 31, 2027, bearing interest. The transaction includes a change-of-control payment equal to 5% of the purchase price triggered upon closing. Completion is subject to customary conditions, including the accuracy of representations and warranties and the absence of a material adverse effect. XMax operates in the design, sourcing, and distribution of contemporary furniture and the development of artificial intelligence technologies.
XMAX Inc. received a notification letter from Nasdaq on September 10, 2026, indicating non-compliance with Listing Rule 5635(d) due to the issuance of common stock at prices below the Minimum Price without prior shareholder approval. The company issued 1,187,500 shares in December 2025 and additional shares in March and April 2026, aggregating to more than 20% of outstanding shares. Nasdaq has granted a 45-day compliance period until October 26, 2026, with potential for an extension up to 180 days if a plan is accepted. The company intends to submit a compliance plan and will continue trading on Nasdaq under the symbol XMAX during this period. This filing highlights significant regulatory risk regarding capital raising procedures.
On August 28, 2026, XMax Inc. entered into Securities Purchase Agreements to sell 352,200 shares of common stock in a private placement to non-U.S. investors at $8.417 per share, raising approximately $2.96 million. The transaction was conducted under Regulation S and approved by shareholders on July 24, 2026, pursuant to Nasdaq Listing Rule 5635(d). Purchasers are subject to an 18-month lock-up period restricting the transfer of shares. XMax Inc. operates in the technology sector.