Nexalin Technology, which is developing non-invasive neurostimulation devices for various disorders, narrowed the range ahead of its upcoming IPO on Monday.
The Houston, TX-based company now plans to raise $10 million by offering 1.5 million units at a price range of $6 to $7. The company had previously filed to offer the same number of units at a range of $5 to $7. Each unit still consists of one share of common stock and one warrant, exercisable at 115% of the IPO price. At the midpoint of the revised range, Nexalin Technology will raise 8% more in proceeds than previously anticipated.
Because the company plans to offer units with warrants attached, Nexalin will be excluded from Renaissance Capital's 2022 IPO stats.
Nexalin originally filed in January 2022 and later that month, planning to offer 1.7 million shares at a range of $5 to $7. In April, the company added warrants and revised its terms to offer 1.5 million units at $5 to $7.
Nexalin has developed an easy-to-administer neurostimulation medical device, referred to as Generation 1 or Gen-1, that utilizes bioelectronic medical technology to treat anxiety and insomnia. Its original Gen-1 devices are cranial electrotherapy stimulation (CES) devices that emit waveform at 4 milliamps during treatment and are presently classified by the FDA as a Class II device.
Nexalin Technology was founded in 2010 and plans to list on the Nasdaq under the symbol NXL. Maxim Group LLC is the sole bookrunner on the deal.
