Gold bars to be exempt from tariffs, White House clarifies
Nexalin Technology , Inc. (NASDAQ:NXL), currently trading at $1.17 with a market capitalization of $17.6 million, reported the results of its annual meeting of shareholders, held Wednesday. According to a statement based on a Securities and Exchange Commission filing, shareholders voted on three proposals. InvestingPro analysis indicates the stock has experienced significant volatility, falling over 68% in the past six months.
First, five directors were elected to the board. Leslie Bernhard, Mark White, David Owens, M.D., Alan Kazden, and Ben V. Hu, M.D., each received between approximately 6.1 million and 6.4 million votes in favor, with no votes cast against and abstentions ranging from about 886,000 to 1.1 million shares.
Second, shareholders approved an amendment to the company’s 2023 Equity Incentive Plan to increase the number of shares reserved for issuance. The proposal received about 6.1 million votes in favor, 317,475 votes against, and 870,139 abstentions.
Third, the appointment of CBIZ (NYSE:CBZ) CPAS P.C. as Nexalin’s independent registered public accounting firm for the year ending December 31, 2025, was ratified. This proposal received approximately 10.7 million votes in favor, 99,874 against, and 855,812 abstentions.
A total of 11,629,183 shares were present or represented by proxy at the meeting, out of 17,177,929 shares outstanding as of the record date. No other items were presented for shareholder approval.
The information is based on a press release statement and the company’s SEC filing. Nexalin Technology’s common stock and warrants are listed on the Nasdaq Stock Market under the symbols NXL and NXLIW, respectively.
In other recent news, Nexalin Technology has announced the closure of a partial over-allotment option, resulting in the sale of 240,000 additional shares at $1.30 each, generating gross proceeds of $312,000 before underwriting discounts. This transaction follows a public offering of 3.85 million shares at the same price, expected to bring in around $5 million in gross proceeds. The company plans to use these funds for general corporate purposes, including working capital and product development. Nexalin has provided underwriters a 45-day option to purchase up to 577,500 more shares. Meanwhile, the company has appointed CBIZ CPAs P.C. as its new independent registered public accounting firm after the resignation of Marcum LLP, which was acquired by CBIZ. Marcum’s reports did not contain adverse opinions but noted substantial doubt about Nexalin’s ability to continue as a going concern. Nexalin disclosed material weaknesses in its internal controls, specifically in financial reporting and IT controls. These developments reflect Nexalin’s ongoing efforts to strengthen its financial management and operational capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.