Current Report Filing (8-k)
16 Maggio 2023 - 7:22PM
Edgar (US Regulatory)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): May 10, 2023
NEXALIN
TECHNOLOGY, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41507 |
|
27-5566468 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
1776
Yorktown, Suite 550
Houston,
TX 77056
Registrant’s
telephone number, including area code: (832) 260-0222
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
|
|
|
|
|
Common Stock, par value
$0.001 per share |
|
NXL |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants, each exercisable
for one share of Common Stock |
|
NXLIW |
|
The Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
May 10, 2023, Nexalin Technology, Inc. (the “Company”) received written notice (the “Notice”) from the Nasdaq
Stock Market (“Nasdaq”) that, because the closing bid price for the Company’s common stock has fallen below $1.00 per
share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing on
the Nasdaq Global Market, pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”). The Notice has no immediate
effect on the listing of the Company’s common stock on The Nasdaq Global Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been provided an initial compliance period of 180 calendar days, or until November 6, 2023, to regain compliance with
the Bid Price Requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00
per share for a minimum of 10 consecutive business days prior to November 6, 2023.
If
the Company does not regain compliance by November 6, 2023, the Company may be eligible for an additional 180 calendar day grace period
if it transfers the listing of its common stock to the Nasdaq Capital Market.
The
Company intends to monitor the closing bid price of its common stock and consider available options to regain compliance with Bid Price
Requirement, but no decisions about a response have been made at this time. There can be no assurance that the Company will be able to
regain compliance with the Bid Price Requirement or will remain in compliance with other Nasdaq listing criteria.
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:
May 16, 2023
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