David Owens, the Chief Medical Officer of Nexalin Technology, Inc. (NASDAQ:NXL), recently purchased 500 shares of the company's common stock. The shares were acquired at a price of $2.19 each, totaling $1,095. Following this transaction, Owens now holds 148,293 shares directly. This transaction was reported in a Form 4 filed with the Securities and Exchange Commission.
In other recent news, Nexalin Technology, Inc. has experienced significant developments. The company's shareholders have elected five directors to the board and approved an amendment to the 2023 Equity Incentive Plan. Marcum LLP has been appointed as the independent registered public accounting firm for the upcoming fiscal year.
Additionally, Michael Nketiah, Senior Vice President of Clinical, Quality, & Regulatory Affairs, has announced his resignation. Nketiah's decision to leave is not due to any disagreements with Nexalin Technology's practices or strategies, and a successor has not yet been announced.
In further developments, Nexalin Technology has regained compliance with Nasdaq's stockholders’ equity requirements following a public offering that raised roughly $5.25 million. The company has also complied with Nasdaq's minimum bid price requirement, as confirmed by the Nasdaq Stock Market.
Lastly, Nexalin Technology has made strides in mental health treatment with its Gen-2 15 milliamp neurostimulation device, recently approved in Oman and China. This device targets deep structures in the mid-brain associated with mental health disorders.
InvestingPro Insights
The recent insider purchase by Nexalin Technology's Chief Medical Officer comes amid a period of significant stock price volatility and strong returns for the company. According to InvestingPro data, Nexalin has seen an impressive 730.68% price total return over the past year, with a particularly strong 290.19% return in the last month alone.
Despite these gains, InvestingPro Tips suggest that the stock's RSI indicates it may be in overbought territory. This could be a point of consideration for investors evaluating the recent insider purchase in the context of the stock's current valuation.
It's worth noting that Nexalin is currently trading at a high revenue valuation multiple and a high Price / Book multiple of 18.61. These metrics, combined with the company's negative operating income of -$6.41 million over the last twelve months, underscore the speculative nature of the investment.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Nexalin Technology, providing a deeper dive into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.