Cigna earnings beat by $0.04, revenue topped estimates
Nexalin Technology , Inc. (NASDAQ:NXL), a company specializing in electromedical and electrotherapeutic apparatus with a current market capitalization of $22.16 million, announced today that it has closed the sale of additional shares following a partial exercise of an over-allotment option by its underwriter. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.56.
On June 5, 2025, the underwriter, Maxim Group LLC, exercised a portion of the 45-day over-allotment option granted to them in connection with Nexalin’s recent public offering. The option allowed the underwriter to purchase additional shares of Nexalin’s common stock, par value $0.001 per share. The company disclosed that 240,000 shares were purchased at a price of $1.30 per share, resulting in aggregate gross proceeds of $312,000, before underwriting discounts. The stock has experienced significant volatility, with InvestingPro showing a year-to-date decline of 54%, despite maintaining a robust gross profit margin of 68.72%.
This recent transaction follows Nexalin’s entry into an underwriting agreement with Maxim Group on May 4, 2025, for a firm commitment public offering of 3,850,000 shares of common stock. The over-allotment option originally allowed for the purchase of up to 577,500 additional shares.
Nexalin Technology, based in Houston, Texas, is incorporated in Delaware and has been identified as an emerging growth company. The company’s common stock and warrants are listed on the Nasdaq Stock Market under the symbols "NXL" and "NXLIW," respectively.
This news is based on a press release statement and reflects the company’s ongoing efforts to strengthen its capital structure and support its business operations.
In other recent news, Nexalin Technology has announced the pricing of its public offering, setting 3.85 million shares at $1.30 each, with expected gross proceeds of approximately $5 million. This offering, managed by Maxim Group LLC, includes an option for underwriters to purchase an additional 577,500 shares. The company plans to use the proceeds for various corporate purposes, including product development and marketing activities. In a separate development, Nexalin has appointed CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm after Marcum LLP, the previous accountant, resigned following its acquisition by CBIZ. Marcum’s reports for the past two fiscal years did not contain adverse opinions, although there was a note about Nexalin’s ability to continue as a going concern. Additionally, Nexalin has started a clinical trial for its Nexalin HALO™ device at the University of California, San Diego, focusing on treating mild traumatic brain injury and PTSD. This trial is part of Nexalin’s strategy to validate the safety and efficacy of its neurostimulation technology, which has already received approval in several countries.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.