Nexalin Technology Faces Delisting Notice
Ticker: NXL · Form: 8-K · Filed: May 21, 2024 · CIK: 1527352
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Nexalin Tech got a delisting warning, could be off the exchange soon.
AI Summary
Nexalin Technology, Inc. filed an 8-K on May 21, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of May 16, 2024. The company is incorporated in Delaware and its principal executive offices are located in Houston, Texas.
Why It Matters
This filing indicates potential issues with Nexalin Technology's compliance with stock exchange listing requirements, which could lead to its shares being delisted.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading viability.
Key Numbers
- 001-41507 — SEC File Number (Identifies the company's filing history with the SEC.)
- 27-5566468 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Nexalin Technology, Inc. (company) — Registrant
- May 16, 2024 (date) — Earliest event reported
- May 21, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- Houston, TX (location) — Business address
FAQ
What specific listing rule or standard did Nexalin Technology, Inc. fail to satisfy?
The filing does not specify the exact rule or standard that was not met, only that a notice of delisting or failure to satisfy a continued listing rule or standard was issued.
What is the earliest date associated with the event reported in this 8-K?
The earliest date of the event reported is May 16, 2024.
When was this 8-K form filed with the SEC?
This 8-K form was filed on May 21, 2024.
Where is Nexalin Technology, Inc. incorporated?
Nexalin Technology, Inc. is incorporated in Delaware.
What is the business address of Nexalin Technology, Inc.?
The business address is 1776 Yorktown, Suite 550, Houston, TX 77056.
Filing Stats: 861 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2024-05-21 16:39:17
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share NXL The Nasdaq Stock Mark
- $2,500,000 — inimum stockholders' equity of at least $2,500,000 for continued inclusion on The Nasdaq C
- $2,326,987 — ompany reported stockholders' equity of $2,326,987. The Letter has no immediate effect on
Filing Documents
- nexalintech_8k.htm (8-K) — 42KB
- 0001829126-24-003603.txt ( ) — 257KB
- nxl-20240516.xsd (EX-101.SCH) — 4KB
- nxl-20240516_def.xml (EX-101.DEF) — 26KB
- nxl-20240516_lab.xml (EX-101.LAB) — 36KB
- nxl-20240516_pre.xml (EX-101.PRE) — 25KB
- nexalintech_8k_htm.xml (XML) — 6KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 16, 2024 NEXALIN TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 001-41507 27-5566468 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 1776 Yorktown , Suite 550 Houston , TX 77056 Registrant's telephone number, including area code: (832) 260-0222 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share NXL The Nasdaq Stock Market LLC Warrants, each exercisable for one share of Common Stock NXLIW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. In response to a letter received on May 16, 2024 (the "Letter") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), Nexalin Technology, Inc. (the "Company") is preparing a plan to regain compliance (the "Compliance Plan") with Nasdaq Listing Rule 5550(b)(1), which, if accepted by NASDAQ, can result in a 180 day extension to regain compliance, during which time the Company's common stock will continue to be listed. The Letter notified the Company that it is not currently in compliance with the requirement of maintaining minimum stockholders' equity of at least $2,500,000 for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"). In the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, the Company reported stockholders' equity of $2,326,987. The Letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol "NXL" at this time. In accordance with Nasdaq rules, the Company has 45 calendar days, or until July 1, 2024, to submit the Compliance Plan. If the Compliance Plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Letter for the Company to evidence compliance. There can be no assurance that the Company will be able to regain compliance with the Stockholders' Equity Requirement or will otherwise be in compliance with other Nasdaq Listing Rules. FORWARD-LOOKING This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or Nexalin's future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that Nexalin or its management "believes", "expects", "anticipates", "plans", "intends" and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or Nexalin's actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Report on Form 10-K for the year ended December 31, 2023 and other filings as filed with the Securities and Exchange Commission. Copies of such filings are available on the SEC's website, www.sec.gov. Such forward-looking stateme