What's Going On With CXApp Stock Today?

CXApp, Inc. CXAI shares are trading higher Friday. The company announced business and financial updates last Friday.

What To Know:

CXApp announced financial updates including a net 50% operating expense reduction and a $5 million cash addition to its balance sheet through investors' redemption of 435 thousand warrants at $11.50. The company also announced it has entered into a warrant exchange agreement that will reduce the outstanding public warrants by more than 15%.

Khurram Sheikh, CEO of CXApp, said, "CXApp is a "category-maker" company that has developed the most engaging application for the hybrid workplace market - in reality, this is the Workplace SuperApp with over 150 native features and 100+ API integrations. We are excited to provide this update and look forward to sharing additional information in the coming month".

The announcement also stated that the release of second quarter 2023 financial results and earnings report is anticipated in the second week of August.

According to data from Benzinga Pro, there is remarkable short interest in CXAI with 69.28% of available shares being sold short.

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CXAI Price Action: According to Benzinga Pro, shares of CXAI are trading nearly 6% higher at $7.48 at the time of publication.

Image: Elf-Moondance from Pixabay