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HOUSTON - Nexalin Technology , Inc. (NASDAQ:NXL), a company specializing in electromedical and electrotherapeutic apparatus, announced a change in its certifying accountant. On Monday, the company informed the Securities and Exchange Commission (SEC) of its engagement with CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm. The micro-cap company, currently valued at $22 million, has shown significant revenue growth of 52% over the last twelve months, though it remains unprofitable with a negative EBITDA of $7.7 million.InvestingPro analysis reveals several key insights about Nexalin’s financial position. Subscribers can access 10+ additional ProTips and comprehensive financial metrics to better understand the company’s outlook.
The change comes after Marcum LLP, Nexalin’s previous accountant, resigned on the same day. Marcum’s departure follows its acquisition by CBIZ CPAs P.C. on November 1, 2024. According to the SEC filing, Marcum’s reports on Nexalin’s financial statements for the fiscal years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinions or qualifications except for an explanatory paragraph regarding substantial doubt about the company’s ability to continue as a going concern.
During the two most recent fiscal years and the subsequent interim period through April 16, 2025, Nexalin reported no disagreements with Marcum on accounting principles or practices, financial statement disclosure, or auditing scope or procedure that, if unresolved, would have warranted a mention in Marcum’s reports.
However, Nexalin disclosed material weaknesses in its internal disclosure controls and procedures related to the segregation of duties in financial reporting and the design and implementation of IT controls over its financial reporting system. According to InvestingPro data, the company’s overall Financial Health Score is rated as ’WEAK’, though it maintains more cash than debt on its balance sheet.
In compliance with SEC regulations, Nexalin has provided Marcum with the disclosures made in this report and has included Marcum’s letter to the SEC dated April 17, 2025, as an exhibit in the filing, confirming Marcum’s agreement with the statements made by Nexalin regarding its dismissal.
Prior to the appointment, Nexalin had not consulted CBIZ CPAs P.C. regarding any accounting principles or transactions that would affect the company’s financial statements, nor had it sought advice that would be considered a significant factor in its decision-making for any accounting, auditing, or financial reporting issue.
This corporate update is based on Nexalin Technology’s recent SEC filing and reflects the latest developments in the company’s financial management and oversight. The company’s stock has shown significant volatility, falling 39.86% year-to-date while maintaining a high Price/Book multiple of 6.26. Investors seeking deeper insights into Nexalin’s financial metrics and growth potential can access comprehensive analysis through InvestingPro.
In other recent news, Nexalin Technology, Inc. has announced the commencement of a clinical trial for its Nexalin HALO™ device at the University of California, San Diego, in collaboration with the VA San Diego Healthcare System. The trial aims to evaluate the efficacy of Nexalin’s Deep Intracranial Frequency Stimulation technology for conditions such as mild traumatic brain injury and post-traumatic stress disorder. This development is part of Nexalin’s strategy to validate the safety and effectiveness of its technology, which could lead to further regulatory approvals and expanded access to its products. Additionally, Nexalin Technology’s Form S-1 Registration Statement has been declared effective by the Securities and Exchange Commission. This includes up to 2,798,613 shares of common stock, with shares potentially issuable upon the exercise of warrants. Investors holding these warrants can exercise them at a price of $4.15 per share. Nexalin’s commitment to transparency and regulatory compliance is evident in this recent filing, which follows its 2022 initial public offering. CEO Mark White has affirmed the company’s adherence to the Securities Exchange Act of 1934, highlighting its strategic financial structuring.
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