Cpc issues letter to fellow xwell, inc. shareholders revealing intention behind recent schedule 13d filing & lawsuit against entrenched board of directors

New york, july 24, 2024 (globe newswire) --  today, cpc pain & wellness spv, llc (“cpc”), a significant xwell, inc. (nasdaq: xwel) (“xwell” or the “company”) shareholder that beneficially owns 394,200 or 9.42% of xwell's outstanding shares, issued the below letter to its fellow shareholders. the letter informs shareholders of cpc's recent lawsuit filing against the incumbent members of xwell's board of directors for breach of their fiduciary duties and for the board's wrongful and inequitable efforts to prevent cpc from nominating a competing slate of directors and consequently denying shareholders the opportunity to choose who they elect to xwell's board at the upcoming annual shareholder meeting. in its letter, cpc details how current board members have personally benefited from xwell while overseeing an astounding decline in xwell shareholder value and substantial net losses. cpc also shares in the below letter its vision for restoring and maximizing shareholder value.
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