Nexalin Technology prices 3.85M shares at $1.30 in public offering

Nexalin Technology (NXL) announced the pricing of an underwritten public offering of 3,850,000 shares of its common stock at a price to the public of $1.30 per share. The gross proceeds from the offering to Nexalin are expected to be approximately $5.0 million, before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on or about May 6, 2025, subject to customary closing conditions. In addition, Nexalin has granted the underwriters a 45-day option to purchase up to 577,500 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. Maxim Group is acting as the sole book-running manager for the offering. Nexalin intends to use the net proceeds from the offering for working capital and other general corporate purposes, including sales and marketing activities, product development and capital expenditures.