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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 — SUBSEQUENT EVENTS

 

On March 7, 2024, The Company’s stockholders approved a proposed amendment to Nexalin’s Certificate of Incorporation (the “Amendment”), pursuant to which Nexalin’s Board of Directors is authorized, in its discretion, to proceed with a reverse stock split. The exact ratio of the reverse stock split would be within the 1-for-4 to 1-for-14 range, and, if enacted, will be determined by our Board and publicly announced by the Company prior to the effective time of the reverse stock split. The sole purpose for the proposed reverse stock split is to increase the per share market price of the Company’s Common Stock to meet the Nasdaq Minimum Bid Price Rule for continued listing on The Nasdaq Capital Market. The filing of the Amendment and the reverse stock split will only be implemented if Nexalin’s Board determines they are necessary to regain and maintain compliance with the Nasdaq Minimum Bid Price Rule. As of the date of the filing of this Report, the Amendment has not been filed and the reverse stock split has not been implemented. Management did not identify any additional subsequent events that would have required adjustment or disclosure in the consolidated financial statements.