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Nexalin Technology, Inc. Announces Closing of $9.6 Million Initial Public Offering
HOUSTON, TEXAS, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Nexalin Technology, Inc. (the “Company” or “Nexalin”) today announced the closing of its previously
About this update from Nexalin Technology, Inc.
[{"type":"text","content":"HOUSTON, TEXAS, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Nexalin Technology, Inc. (the “Company” or “Nexalin”) today announced the closing of its previously announced initial public offering of 2,315,000 units consisting of 2,315,000 shares of its common stock and 2,315,000 accompanying warrants to purchase 2,315,000 shares of common stock. Each share of common stock was sold together with one warrant to purchase one share of common stock with an exercise price of $4.15 per share at a combined offering price of $4.15, for gross proceeds of approximately $9.6 million, before deducting underwriting discounts and offering expenses. In addition, Nexalin has granted the underwriters a 45-day option to purchase up to an additional 347,250 shares of common stock and/or warrants to purchase 347,250 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 347,250 warrants. The shares of common stock and warrants began trading on The Nasdaq Capital Market on September 16, 2022, under the symbols “NXL” and “NXLIW,” respectively. Maxim Group LLC acted as the sole book-running manager in connection with the offering. Warshaw Burstein, LLP served as legal counsel to the Company. Nelson Mullins Riley & Scarborough LLP served as counsel to Maxim Group LLC. A registration statement on Form S-1, as amended (File No. 333-261989) was filed with the Securities and Exchange Commission (“SEC”), which became effective on September 15, 2022. A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Nexalin Technology, Inc. Nexalin designs and dev...