Nexalin Technology Inc (NXL) — Smart Money Tracker (13F, Q2 2026)

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On August 21, 2026, Nexalin Technology (NXL) entered into a note purchase agreement with an institutional investor, issuing an unsecured promissory note with a face value of $1.17 million. After a $150,000 original issue discount and $20,000 to reimburse the investor's expenses, the company actually received $1 million in cash. The note matures six months after funding and bears no interest unless something goes wrong — missed payments or other "trigger events" can inflate the balance by 5–10% (capped at 25% overall), and an actual default pushes the rate to 18% a year. Nexalin can prepay anytime without penalty, but it must automatically apply 20% of any future fundraising proceeds (or the remaining balance, whichever is less) toward paying down the note.

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Nexalin Technology (NXL) held its annual meeting on August 11, 2026, with about 63.2% of shares represented, so a quorum was met. Shareholders elected five directors and approved the 2026 equity incentive plan, a reverse stock split authorization (ratios ranging from 1-for-2 to 1-for-100, with an aggregate cap of 1-for-250), and the ratification of CBIZ as the company's auditor. Two proposals did not pass: authorizing 10 million shares of preferred stock and providing officer exculpation.

Nexalin Technology (NXL) filed an 8-K on July 28, 2026 to disclose that it signed a Third Amendment to its office lease with landlord Nutex HQ LLC. The amendment extends the Houston headquarters lease for 65 months starting March 1, 2026 and adds about 904 rentable square feet to the existing 3,623 square feet, for a total of roughly 4,527 square feet. Monthly base rent starts at about $5,435 before the expansion space is delivered, then ranges from about $5,470 to $6,413 for the combined space, subject to annual increases. The company also gets a five-month base rent abatement after delivery and will pay its proportionate share of operating expenses and property taxes.

On July 24, 2026, Nasdaq notified Nexalin Technology (ticker: NXL) that it will be delisted because its stock price stayed below $1.00 for more than 30 consecutive trading days and it failed to meet the minimum $5 million stockholders' equity requirement for a second compliance period. Trading is set to be suspended on August 4, 2026, unless a hearing appeal stays the process. The company has already requested a hearing by the July 31 deadline, but there's no guarantee the panel will allow the stock to keep trading on Nasdaq.