Nexalin Technology (NXL) shares fell over 23% in recent trading Monday after the company priced its underwritten public offering of 3.85 million shares at $1.30 per share.
The stock closed at $1.79 Friday.
Nexalin said it has granted its underwriters a 45-day option to purchase up to 577,500 additional shares. Maxim Group is the book-running manager for the offering set to close Tuesday.
The company said it intends to use the net proceeds for working capital and other general corporate purposes.
Price: 1.37, Change: -0.42, Percent Change: -23.46
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