Nexalin Technology Announces Pricing of $5.2 Million Public Offering

HOUSTON, Texas, June 27, 2024 (GLOBE NEWSWIRE) — Nexalin Technology, Inc. (Nasdaq: NXL; NXLIW) (the “Company” or “Nexalin”) today announced the pricing of a public offering of 3,000,000 common shares at a public offering price of $1.75. Gross proceeds, before deducting placement agent fees and other offering expenses, are expected to be approximately $5,250,000.

Maxim Group LLC is acting as exclusive placement agent for the offering. The offering is expected to close on July 1, 2024, subject to customary closing conditions.

The securities described above were offered pursuant to a registration statement on Form S-1, as amended (File No. 333-279684) (the “Registration Statement”), which has been declared effective by the Securities and Exchange Commission (the “SEC”) on June 27, 2024. The offering was made only by means of a prospectus forming part of the registration statement. A final prospectus relating to the offering will be filed with the SEC. Copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of such securities in any state or other jurisdiction in which such 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 develops innovative neurostimulation products to uniquely help combat the ongoing global mental health epidemic. All of Nexalin’s products are considered non-invasive and undetectable by the human body and are developed to provide relief to those suffering from mental health issues. Nexalin uses bioelectronic medical technology to treat mental health issues. Nexalin believes that its neurostimulation medical devices can penetrate the deep midbrain structures associated with mental health disorders. Nexalin believes that the deeper penetrating waveform of its next-generation devices will generate an enhanced patient response without any adverse side effects. The Nexalin Gen-2 15 milliamp neurostimulation device has been approved in China, Brazil and Oman.

Additional information about the Company is available at the following address: https://nexalin.com/

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements”, such statements relate to future events or the future financial performance of Nexalin. All 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 that Nexalin or its management “ believes,” “expects,” “anticipates,” “plans,” “intends” and similar expressions) should be considered forward-looking statements that involve risks and uncertainties that could cause Actual events or results of Nexalin differ materially from those indicated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s Report on Form 10-K for the fiscal year ended December 31, 2023 and other documents filed with the Securities and Exchange Commission. Copies of these documents are available on the SEC website, www.sec.gov. These forward-looking statements are made as of the date hereof and may become obsolete over time. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:
Crescendo Communications, LLC
Tel: (212) 671-1020
E-mail: [email protected]