Nexalin Technology Inc. said its board approved a 1-for-30 reverse stock split of the company’s common stock to maintain compliance with Nasdaq’s minimum bid-price requirements.
The reverse split is scheduled to take effect at 5:00 p.m. Eastern Time on Friday, with trading on a split-adjusted basis expected to commence on Monday on The Nasdaq Capital Market under the existing ticker symbol NXL. Each 30 issued and outstanding shares will be consolidated into one share, while the par value will remain unchanged at $0.001 per share.
The company also announced a new CUSIP number, 65345B300, following the split. Fractional shares will not be issued; shareholders entitled to a fractional share will receive a proportional cash payment instead. Continental Stock Transfer & Trust Co. has been appointed as the exchange agent for the transaction.
Stockholders holding shares electronically in book-entry form will not need to take any action to receive post-split shares. Brokerage accounts will automatically adjust positions based on each firm’s internal processes. The board previously obtained stockholder approval for future reverse stock splits and granted authority to determine the exact ratio and timing.
Nexalin develops neurostimulation products for mental health applications. Its Gen-2 SYNC 15 milliamp device has received regulatory approvals in China, Brazil, Oman, and Israel.
