09:14 AM EDT, 08/16/2024 (MT Newswires) -- XWell ( XWEL ) said Friday its board has adopted a tax benefits preservation plan to preserve the company's tax attributes that may entitle it to lower taxable income for 2024.

The company said it currently has net operating losses of about $67.3 million to offset taxable income.

Under the plan, the board declared a dividend of one series A junior participating preferred stock purchase right for each common share, payable to shareholders of record on Aug. 26, according to the company.

The rights will be exercisable if an individual or group acquires at least 4.99% stake in the company, the company said, adding the rights will expire on Aug. 16, 2027.