Nova Lifestyle closes $9M best-efforts public offering of stock and warrants

XMax Inc.

Gross proceeds of ~$9.0M from sale of 9.84M shares and 19.67M warrants at $0.915/unit.
Each warrant exercisable at $1.098 (120% of offering price), expires 5 years from issuance.
Net proceeds ~$8.15M for working capital, marketing, debt repayment, and capex.
Placement agent: American Trust Investment Services; 7% cash fee plus 1% expense allowance and $150k out-of-pocket.
Officers, directors, and company subject to 90-day lock-up on further securities sales.

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