How XpresSpa Is Capitalizing on the Fight Against COVID-19
XpresSpa shares jumped as the week wound down after the company gave an update on its COVID-19 efforts on Friday.
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XpresSpa Group Inc. (NASDAQ: XSPA) shares jumped as the week wound down after the company gave an update on its COVID-19 efforts on Friday. Essentially, the health and wellness company is pursuing COVID-19 screening and testing in U.S. airports.
The company announced that it signed a contract with JFK International Air Terminal (JFKIAT) to pilot test its concept of providing diagnostic COVID-19 tests located in Terminal 4. To facilitate the pilot test, XpresSpa has signed an agreement for a new modular constructed testing facility within the terminal.
The site will host nine separate testing rooms with a capacity to administer over 500 tests per day. The company intends to offer its services to airline employees, contractors and workers, concessionaires and their employees, TSA officers, and U.S. Customs and Border Protection agents.
Additionally, the company is in discussions with other U.S. airports regarding the temporary conversions of existing XpresSpa locations into XpresCheck testing sites as it looks to roll out this concept further.
Doug Satzman, XpresSpa CEO, commented:
We are thrilled to be in a position to launch our first pilot test at JFK Terminal 4 and are hopeful that this will serve as a model in other U.S. airports. The vision and close collaboration with JFKIAT senior leaders have enabled this initiative to move quickly so that we can together support the safety and health of front line airport workers and travelers as New York’s recovery plan takes form.
XpresSpa stock traded up about 80% to $0.93 on Friday, in a 52-week range of $0.50 to $5.45.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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