Nexalin Technology Files 8-K: Material Agreement & Other Events
Ticker: NXL · Form: 8-K · Filed: Jul 3, 2024 · CIK: 1527352
Sentiment: neutral
Topics: material-agreement, filing-update
Related Tickers: NXL
TL;DR
Nexalin (NXL) signed a big deal, filed financials. Details TBD.
AI Summary
On July 2, 2024, Nexalin Technology, Inc. entered into a material definitive agreement, the details of which are not fully disclosed in this filing. The company also reported other events and filed financial statements and exhibits. Nexalin Technology, Inc. is incorporated in Delaware and its principal executive offices are located in Houston, Texas.
Why It Matters
This filing indicates Nexalin Technology, Inc. has entered into a significant agreement, which could impact its future operations and financial performance. Investors will be looking for more details on this material definitive agreement.
Risk Assessment
Risk Level: medium — The filing reports a material definitive agreement, but the specifics are not detailed, creating uncertainty about its impact.
Key Players & Entities
- Nexalin Technology, Inc. (company) — Registrant
- July 2, 2024 (date) — Earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Houston, TX (location) — Business address
FAQ
What is the nature of the material definitive agreement entered into by Nexalin Technology, Inc. on July 2, 2024?
The filing does not provide specific details about the nature of the material definitive agreement, only that one was entered into on July 2, 2024.
What other events are reported in this 8-K filing?
The filing indicates 'Other Events' were reported, but the specifics are not detailed within the provided text.
What are Nexalin Technology, Inc.'s principal executive offices?
Nexalin Technology, Inc.'s principal executive offices are located at 1776 Yorktown, Suite 550, Houston, TX 77056.
In which state is Nexalin Technology, Inc. incorporated?
Nexalin Technology, Inc. is incorporated in Delaware.
What is the filing date of this 8-K report?
This 8-K report was filed on July 3, 2024.
Filing Stats: 844 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-07-03 08:21:27
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share NXL The Nasdaq Stock Mark
- $5,250,000 — gregate gross proceeds of approximately $5,250,000 . In connection with the Offering, on
- $110,000 — Company reimbursed the Placement Agent $110,000 for expenses in connection with the Off
Filing Documents
- nexalintec_8-k.htm (8-K) — 33KB
- nexalintec_ex99-1.htm (EX-99.1) — 7KB
- 0001829126-24-004580.txt ( ) — 258KB
- nxl-20240702.xsd (EX-101.SCH) — 4KB
- nxl-20240702_def.xml (EX-101.DEF) — 26KB
- nxl-20240702_lab.xml (EX-101.LAB) — 36KB
- nxl-20240702_pre.xml (EX-101.PRE) — 25KB
- nexalintec_8-k_htm.xml (XML) — 6KB
01
Item 1.01. Entry into a Material Definitive Agreement. On July 1, 2024, Nexalin Technology, Inc., a Delaware corporation (the "Company"), consummated a public offering (the "Offering") of an aggregate of 3,000,000 shares of the Company's Class common stock, $0.001 par value per share (the "Shares"), resulting in aggregate gross proceeds of approximately $5,250,000 . In connection with the Offering, on June 27, 2023, the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain investors named therein (the "Purchasers"), and a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC (the "Placement Agent"), pursuant to which the Company agreed to issue and sell the Shares and the Placement Agent agreed to act as placement agent on a "best efforts" basis in connection with the Offering. The Company paid the Placement Agent an aggregate fee equal to 8% of the gross proceeds raised in the Offering. The Company reimbursed the Placement Agent $110,000 for expenses in connection with the Offering. The Purchase Agreement and Placement Agency Agreement contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, the Purchasers or the Placement Agent, as the case may be, other obligations of the parties and termination provisions. A registration statement on Form S-1 (the "Registration Statement") relating to the Offering (File No. 333-279684) was initially filed with U.S. Securities and Exchange Commission (the "SEC") on May 23, 2024, as amended, and was declared effective by the SEC on June 27, 2024. The Offering was made by means of a prospectus forming a part of the effective Registration Statement. The Company intends to use the net proceeds of the Offering primarily for general corporate purposes, which may include, but is not limited to, working capital, operating expenses, and capital expenditures. The foreg
01 Other Events
Item 8.01 Other Events. On June 27, 2024, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 1.2 Placement Agency Agreement (incorporated by reference to Exhibit 1.2 of the Registration Statement on Form S-1/A filed with the SEC on June 26, 2024). 10.16 Securities Purchase Agreement (incorporated by reference to Exhibit 10.16 of the Registration Statement on Form S-1/A filed with the SEC on June 26, 2024). 99.1 Press Release Dated June 27, 2024 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. NEXALIN TECHNOLOGY, INC. By: /s/ Mark White Mark White Chief Executive Officer Dated: July 3, 2024 2