Nexalin Technology (NASDAQ:NXL) stock is down on Friday after the medical device company priced a public offering of its shares.
Nexalin Technology is selling 3 million shares of NXL stock for $1.75 each in this public offering. This has the company expecting gross proceeds from the offering to come in at $5.25 million.
Nexalin Technology notes that Maxim Group LLC is the sole placement agent for the offering. The company is also expecting this offering to close on Monday.
What This Means for NXL Stock
With this public offering comes an increase in the total number of outstanding shares of NXL stock. This will also dilute the stakes of current investors in the company. That’s one of the reasons why Nexalin Technology is seeing its share price fall today.
In addition to that, the price of the shares in the offering is a significant discount over its prior closing price. The company’s shares closed out Thursday at $2.96 per share. It makes sense that shares of NXL shares would drop when the shares in the offering are being sold at such a lower price.
NXL stock is down 35.1% as of Friday morning. This comes with more than 955,000 shares traded. The company’s daily average trading volume is closer to 2.9 million shares.
We have more of the latest stock market stories ready to go today!
Our coverage includes all of the hottest stock market news for Friday! A few examples include what’s happening with shares of Cosmos Health (NASDAQ:COSM) and African Agriculture (NASDAQ:AAGR) stock, as well as the biggest pre-market stock movers this morning. All of that news is available at the following links!
More Friday Stock Market News
- Why Is Cosmos Health (COSM) Stock Up 65% Today?
- Why Is African Agriculture (AAGR) Stock Up 55% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
