XMax signs $4.12M deal for Hexa Creation

XMax on October 5 said it had signed a definitive agreement to acquire Hexa Creation, a startup built around 1,200-volt gallium nitride power chips aimed at AI data centers and other high-voltage markets. The transaction, disclosed in a reported SEC Form 8-K, values the company at about $4.12 million in cash and remained pending as of October 9, 2026.

The acquisition matters because Hexa sits at the intersection of AI infrastructure and power electronics. XMax said the deal would extend its AI strategy into power infrastructure, while Hexa founder Professor Yuji Zhao said the transaction could provide a path toward commercialization for the startup’s 1200V vertical GaN work.

What is XMax buying?

XMax is buying Hexa Creation’s issued and outstanding shares in a deal that, if completed, would make Hexa a wholly owned subsidiary. XMax’s press release says it is acquiring 100% of the company, while the reported filing describes the transaction as a purchase of 970 shares from Zhao, representing a reported 97% stake, and 30 shares from Skysong Innovations, representing the remaining reported 3%.

Hexa has also been referred to as HexaGaN. According to Startups Acquired, the startup was built around university-licensed patents for 1,200-volt gallium nitride power transistors, and XMax said Hexa holds an exclusive license to patents and related intellectual property owned by a large U.S. public university. The closing condition that this patent license remain in force is central to the transaction.

How is the $4.12 million structured?

The announced purchase price is approximately $4.12 million in cash, split between Zhao’s reported stake and Skysong Innovations’ reported stake. Startups Acquired reported that $4 million is attributable to Zhao’s 97% interest and $123,711.34 to Skysong’s 3% interest.

The payment terms are spread over time. Half of the purchase price is due at closing, while the other half is deferred until December 31, 2027 and carries interest. A reported coverage of the filing said XMax would pay $2 million at closing, net of a previously paid $500,000 deposit, with the remaining $2 million due by the end of 2027. XMax said it had already paid that $500,000 deposit on June 24, 2026, and the amount is credited against what is owed at closing.

XMax will also pay Skysong Innovations a change-of-control fee equal to 5% of the purchase price. The deferred consideration carries at least the applicable federal rate, and XMax cannot transfer or encumber the acquired Hexa shares before payment without consent, according to the reported terms.

Why does XMax want Hexa?

XMax framed the acquisition as an extension of its AI strategy into power infrastructure. The company said next-generation AI data centers are moving toward higher-voltage architectures, including emerging 800VDC systems, and that Hexa’s technology is intended for AI power infrastructure, electric vehicles, energy storage, ultra-fast charging and other high-voltage applications.

Contemporaneous coverage also described the deal as part of XMax’s effort to diversify its business and create long-term value. XMax said it is headquartered in Commerce, California, was formerly known as Nova LifeStyle, Inc., and has expanded into AI software and platform-based services through wholly owned subsidiaries XMax AI Inc. and Elonx AI Holdings PTE. LTD. The company also said it is engaged in furniture design, sourcing and distribution, alongside development of artificial intelligence technologies and applications.

Hexa itself appears to be a very early-stage company from a disclosure perspective. Startups Acquired reported no outside venture funding for Hexa and no disclosed revenue, product shipments or headcount. Skysong Innovations, the minority seller, is Arizona State University’s technology transfer organization.

What happens next?

The deal is not done yet. As of October 9, 2026, the acquisition had not closed, and closing remains subject to customary conditions, including that Hexa’s exclusive patent license stay in force and that there be no material adverse effect with respect to Hexa. Either side may terminate if the transaction has not closed by April 5, 2027, and a party can also terminate for an uncured breach by the other.

The filing also says Nevada law governs the agreement and that disputes are to be resolved by AAA commercial arbitration. If the deal closes, Hexa Creation will become a wholly owned subsidiary of XMax, giving the public company a direct entry into vertical GaN power semiconductors at a time when it is positioning itself around AI infrastructure.