Recent Updates — NXL
Nexalin Technology, Inc. received formal notification from Nasdaq confirming regained compliance with the Minimum Bid Price Requirement of $1.00 per share as of September 30, 2026. This follows a conditional approval granted on September 25, 2026, which required the company to demonstrate bid price compliance by September 28, 2026, and meet a minimum stockholders' equity requirement of $2,500,000 by January 4, 2027. The company intends to take necessary steps to satisfy the equity requirement within the specified timeframe, allowing its common stock to continue trading on the Nasdaq Capital Market during the exception period. Failure to meet these conditions could result in delisting. Nexalin Technology operates in the medical device industry, developing neuromodulation therapies for chronic pain management.
Nexalin Technology entered into a definitive exclusive distribution agreement with Inovanexa Medical Technologies for its Nexalin Sync neurostimulation device across Brazil, Argentina, Chile, Uruguay, Paraguay, Ecuador and Venezuela. The ten-year deal includes an initial 100-device commercialization program, requiring a binding purchase order of five devices immediately and five more within twelve months to support a clinical pilot in Brazil launching within 90 days. Exclusivity is contingent on minimum revenue thresholds over the first 30 months and annually thereafter. Upon purchasing the first 30 devices, the distributor must establish a local manufacturing facility in Brazil at its own cost, generating recurring per-device compensation and disposable royalties for Nexalin. The company operates in the medical technology industry, developing non-invasive neurostimulation devices for mental health treatment.
Nexalin Technology received a notice from Nasdaq granting continued listing subject to conditions. The company must demonstrate compliance with the minimum bid price requirement by September 28, 2026, and meet the $2,500,000 stockholders' equity requirement by January 4, 2027. Additionally, it must maintain a closing bid price of at least $1.00 for 20 consecutive trading sessions. Failure to comply may result in delisting from Nasdaq. Nexalin Technology operates in the medical device industry, developing neuromodulation therapies.
On August 28, 2026, Carolyn Shelton departed her role as Senior Vice President of Quality, Regulatory, and Clinical Affairs at Nexalin Technology, Inc. The separation agreement provides for one month of continued base salary, a $20,000 bonus for 2026, accelerated vesting of unvested stock options, up to two years to exercise vested options, and health insurance premium subsidies through September 30, 2026. Ms. Shelton agreed to release claims against the company in exchange for these terms. Nexalin Technology operates in the medical device industry, developing neuromodulation therapies.
On August 21, 2026, Nexalin Technology, Inc. entered into a Note Purchase Agreement with an institutional investor to purchase an unsecured promissory note for gross proceeds of $1,000,000. The transaction included an original issue discount of $150,000 and reimbursement of $20,000 in transaction expenses, resulting in a total principal obligation of $1,170,000. The note matures six months after delivery of funds but allows for two three-month extensions with a 7.5% balance increase per extension. Mandatory prepayments are required upon subsequent fundraising, capped at 20% of proceeds or the outstanding balance. Default triggers include failure to pay or fundamental transactions without repayment, carrying an 18% annual interest rate and potential balance increases up to 25%. Nexalin Technology operates in the medical device industry, developing non-invasive neuromodulation therapies for neurological disorders.
On June 16, 2026, Nexalin Technology, Inc. adopted Second Amended and Restated Bylaws. Key changes include lowering the stockholder meeting quorum from a majority to one-third of outstanding voting power and replacing the prohibition on stockholder action by written consent with new procedures for action by consent without a meeting. The bylaws also revise advance notice procedures for director nominations to address Rule 14a-19, update board structure and director removal provisions, and establish a forum selection clause designating Delaware courts for internal corporate claims. The company operates in the medical technology industry, developing non-invasive therapeutic devices.