XMax (fka Nova LifeStyle) announces AI pivot, raises $29M, invests $23M in SpaceX funds

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

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  Company changed name to XMax Inc., increased authorized shares 20x (250M to 5B), and announced March 2026 strategic expansion into AI software, hardware, cloud/GPU infrastructure, and enterprise AI agents alongside existing furniture business.

  Business: Corporate name change & AI expansion verify on EDGAR →
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  Raised $29M+ in 2025 (public offering, registered directs, convertible note, private placements) and deployed $22.8M into two Preamble Capital funds holding indirect SpaceX equity, incurring $2.3M in management fees.

  MD&A: Capital raising & SpaceX investments verify on EDGAR →
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  Abandoned $2M VR/AR/AI R&D project at Nova Malaysia subsidiary, which ceased operations in October 2025 and is being deregistered; R&D spending dropped to zero in 2025 from $2M in 2024.

  Business: R&D abandonment & Malaysia exit verify on EDGAR →