Company: CXAI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003841
Chunk: 32

Company: CXApp Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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    RSU outstanding at January 1, 2024

    486,165

    $
    7.80

    Granted

    520,935

    $
    2.04

    Exercised

    (318,165
    )
     
    $
    7.33

    Forfeited

    -

    RSU outstanding at December 31, 2024

    688,935

The total fair value of RSUs vested during the three months ended March 31, 2025 and year ended March 31, 2024 was $15 thousand and $0 thousand respectively.

Non-cash stock-based compensation expenses related to restricted stock units recorded in the financial statements is summarized below:

    Schedule of non-cash stock-based compensation expenses related to restricted stock units

    Three Months Ended March 31, 2025

    Three Months Ended March 31, 2024

    Research and development
     
    $
    102

    $
    98

    Sales and marketing

    52

    51

    General and administrative

    211

    232

    Total non-cash stock compensation
     
    $
    365

    $
    381

As of March 31, 2025 and March 31, 2024, the Company has approximately $656 thousand and $1,454 thousands of unrecognized restricted stock unit compensation to be expensed over a weighted average period of 0.78 year and 1.76 years, respectively.

NOTE 11 – Convertible Debt

Securities Purchase Agreement with Avondale Capital, LLC

On March 26, 2025, the Company entered into a Securities Purchase Agreement (“SPA”) with Avondale Capital, LLC (“Avondale”), pursuant to which the Company may issue and sell up to $20,000 thousand of Pre-Paid Purchase agreements (“Pre-Paid Purchases”) in tranches over time. The initial Pre-Paid Purchase (“Pre-Paid Purchase #1”) included a $4,200 thousand Pre-Paid Purchase, structured with a $200 thousand original issue discount (“OID”) and $10 thousand in transaction-related fees, resulting in net proceeds of $3,990 thousand, received on April 8, 2025.

In connection with the initial closing, the Company was required to issue 80,000 commitment shares to Avondale. As of March 31, 2025, the