HOUSTON – Nexalin Technology, Inc., a company specializing in electromedical and electrotherapeutic apparatus, announced the results of its annual stockholder meeting held on Monday, August 26, 2024.
Shareholders voted to elect five directors to the board and approved an amendment to the company's 2023 Equity Incentive Plan, as well as the appointment of Marcum LLP as the independent registered public accounting firm for the upcoming fiscal year.
The meeting saw a majority of the company's 10,586,562 outstanding shares represented, with 6,387,869 shares present or represented by proxy. The election of directors resulted in unanimous approval for all five nominees with varying abstentions, but no votes against. The directors re-elected are Leslie Bernhard, Mark White, David Owens, M.D., Alan Kazden, and Ben V. Hu, M.D.
The second proposal, which involved approving an amendment to the company's Equity Incentive Plan to increase the number of shares reserved for issuance, was also passed. The amendment received 3,063,369 votes in favor, 330,557 against, and 227,161 abstentions.
Lastly, the ratification of Marcum LLP as the company's independent auditor for the year ending December 31, 2024, was met with overwhelming support, with 6,225,082 votes for, 38,391 against, and 124,396 abstentions.
In other recent news, Nexalin Technology, Inc. reported key developments. The company announced the resignation of Michael Nketiah, Senior Vice President of Clinical, Quality, & Regulatory Affairs, who will be leaving to pursue other professional opportunities. His departure is not due to any disagreements with Nexalin Technology's practices or strategies, and a successor has not yet been announced.
Nexalin Technology also regained compliance with Nasdaq's stockholders’ equity requirements following a public offering that raised approximately $5.25 million. The company also met Nasdaq's minimum bid price requirement, a development confirmed by the Nasdaq Stock Market.
In terms of product development, Nexalin Technology has made progress in mental health treatment with its Gen-2 15 milliamp neurostimulation device.
The device, recently approved in Oman and China, targets deep structures in the mid-brain associated with mental health disorders. These are among the recent developments for Nexalin Technology.
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