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Mikko Lemola
Nexalin Technology (NASDAQ:NXL) stock was trading 51% lower Friday afternoon following the medical device developer’s $10M initial public offering.
Shares of Nexalin opened at $2.70 after pricing at $4.15 per share, hitting a high of $2.95 in early afternoon before sliding to a low of $1.95 in late afternoon. The stock recently changed hands at $2.05 at around 3:30 p.m. ET.
Nexalin offered 2.3M units priced at $4.15 per unit, with each unit consisting of one share plus one warrant to buy one share at $4.15.
Underwriters were granted a 45-day option to buy up to 347K additional shares and/or warrants at the IPO price. Maxim Group was serving as sole bookrunner.
Based in Texas, Nexalin has been developing neurostimulation devices to treat mental health conditions such as anxiety, insomnia and depression.
For a more in-depth look at Nexalin, check out SA contributor Avisol Capital Partners’ “Nexalin: Neurostimulation Therapy for Anxiety and Insomnia.”
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Image and article originally from seekingalpha.com. Read the original article here.