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 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.  

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