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HOUSTON - Nexalin Technology, Inc. (NASDAQ: NXL; NXLIW), a company specializing in Deep Intracranial Frequency Stimulation (DIFS™) of the brain, has announced the pricing of its public offering of 3.85 million shares at $1.30 each. The offering comes as the stock trades at $1.79, having declined over 37% in the past six months, according to InvestingPro data. The gross proceeds are expected to reach around $5 million, excluding underwriting discounts and other expenses. The offering is scheduled to close on Tuesday, subject to customary conditions.
Additionally, Nexalin has provided underwriters a 45-day option to buy up to 577,500 more shares at the offering price, less underwriting discounts. Maxim Group LLC is the sole book-running manager for this offering. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 7.25, indicating robust short-term financial health despite challenging market conditions.
The company plans to allocate the net proceeds for general corporate purposes, which include working capital, sales and marketing activities, product development, and capital expenditures.
Nexalin, which aims to address the global mental health crisis with its neurostimulation products, maintains that its devices are non-invasive and undetectable to the human body. The company claims its technology can reach deep brain structures linked to mental health disorders and that its next-generation devices could enhance patient response without adverse side effects. Nexalin’s Gen-2 15 milliamp neurostimulation device has received approval in China, Brazil, and Oman.
The offering follows a shelf registration statement filed with the SEC on April 23, 2025, and declared effective on April 29, 2025. The offering is made through a written prospectus and prospectus supplement forming part of the registration statement. The preliminary prospectus supplement and accompanying prospectus are available on the SEC’s website, with final versions to be filed with the SEC.
The press release includes forward-looking statements based on current company expectations, which involve risks and uncertainties. These statements are not guarantees of future performance and are subject to change. Nexalin has cautioned that new information or future events may alter these projections. With a beta of 4.65 and significant stock price volatility, InvestingPro subscribers can access 6 additional key insights and comprehensive financial metrics to better assess the company’s risk profile and investment potential. The company’s next earnings report is scheduled for May 28, 2025.
This news is based on a press release statement from Nexalin Technology, Inc.
In other recent news, Nexalin Technology, Inc. announced the effectiveness of its Form S-1 Registration Statement with the Securities and Exchange Commission, a significant development since its 2022 initial public offering. This statement covers up to 2,798,613 shares of common stock, including shares issuable upon the exercise of warrants granted to Maxim Partners, LLC and other investors. In another update, Nexalin has appointed CBIZ CPAs P.C. as its new independent registered public accounting firm, following the resignation of Marcum LLP, which was acquired by CBIZ. The company reported no disagreements with Marcum regarding accounting principles, though it disclosed material weaknesses in internal disclosure controls. Additionally, Nexalin has commenced a clinical trial for its Nexalin HALO™ device at the University of California, San Diego, focusing on conditions such as mild traumatic brain injury and post-traumatic stress disorder. This trial aims to validate the safety and impact of Nexalin’s technology in collaboration with the VA San Diego Healthcare System. Lastly, Nexalin’s HALO™ Clarity devices have been integrated into UCSD facilities, offering non-invasive neurostimulation therapy with AI-integrated remote monitoring. The results from these trials are anticipated to influence Nexalin’s regulatory and commercial strategies.
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