XMax Buys University-Licensed GaN Semiconductor Startup for $4.1 Million

XMax Inc., trading on Nasdaq under the ticker XMAX, began its corporate life as Nova LifeStyle, a Commerce, California-based distributor of contemporary furniture. The company formally changed its name in November 2025 following shareholder approval and has since announced plans to enter artificial intelligence software, cloud computing, and GPU services through subsidiaries XMax AI Inc. and Elonx AI Holdings PTE. LTD.

To fund the transformation, the company has conducted a rapid series of equity raises. Between October 2025 and August 2026 the company closed at least seven private placements and one registered direct offering, raising roughly $90 million in aggregate from purchasers described in the filings as non-U.S. investors, including a $35.96 million raise in March 2026 and a $31.12 million raise in April 2026. It also deployed capital into indirect stakes in SpaceX and xAI Corp. through a Cayman Islands subsidiary and a series of Preamble Capital fund subscriptions.

On September 10, 2026, Nasdaq notified XMax that it was not in compliance with Listing Rule 5635(d), which requires prior shareholder approval before issuing 20% or more of outstanding shares below the Minimum Price in non-public-offering transactions. Nasdaq identified the December 2025 registered direct offering and three private placements in March and April 2026 as the offending transactions in aggregate. XMax has until October 26, 2026 to submit a compliance plan, and Nasdaq may grant up to 180 additional days if the plan is accepted.