UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On May 31, 2023, Nexalin Technology, Inc. (the “Company”) formalized an agreement related to the formation of a joint venture established to engage in the clinical development, marketing, sale and distribution of Nexalin’s second generation transcranial Alternating Current Stimulation (“tACS”) devices (“Gen-2 devices”) in China and the greater Asia Pacific region.
In connection with the formation of the joint venture, to be conducted through a company newly-formed under the laws of Hong Kong (the “JV”), and pursuant to the Joint Venture Agreement (“JV Agreement”) entered into between the company and Wider Come Limited (“Wider”), the Company granted the JV a license to commercialize and exploit certain of the Company’s products and technologies in certain designated territories.
Under the JV Agreement, Wider will be obligated to fund all of the JV’s operating expenses during the initial 12-month period, after which the responsibility for such operating expenses will be allocated in accordance with the pro rata ownership of the JV. Wider and Nexalin will own 52% and 48% of the JV, respectively.
The foregoing description of the material terms of the JV Agreement does not purport to be a complete description and is qualified in its entirety by reference to the full text of the JV Agreement, which the Company intends to file as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending June 30, 2023.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit | Description | |
| 99.1 | Nexalin Technology, Inc. and Wider Come Limited Announce Joint Venture Agreement to Advance Commercialization of Nexalin’s tACS Devices in the Asia Pacific Region | |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| NEXALIN TECHNOLOGY, INC. | ||
| By: | /s/ Mark White | |
| Mark White | ||
| Chief Executive Officer | ||
Dated: June 2, 2023
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