Nexalin Technology appoints Justin Van Fleet as CFO to enhance financial strategy amid growth and innovation in neurostimulation.
Quiver AI Summary
Nexalin Technology, Inc. has announced the appointment of Justin Van Fleet, CPA, as its new Chief Financial Officer, effective August 1, 2025. With over 20 years of experience in public accounting and assurance services, Van Fleet previously served as a Partner at Marcum LLP, where he led assurance practices and advised clients across various sectors. As CFO, he will oversee Nexalin's financial strategy as the company advances its innovative, non-invasive neurostimulation devices through regulatory processes. CEO Mark White expressed enthusiasm for Van Fleet's expertise in regulatory compliance and financial management, which will support Nexalin's ambitions in treating mental health conditions with groundbreaking technology. Van Fleet holds a Bachelor’s degree in Accounting and has extensive experience working with audit committees and boards to promote financial integrity and transparency.
Potential Positives
- The appointment of Justin Van Fleet as Chief Financial Officer brings over 20 years of experience in public accounting and assurance services, which can enhance the company's financial strategies and operational capabilities.
- Mr. Van Fleet's expertise in guiding companies through complex financial transactions positions Nexalin for future growth opportunities, including potential IPOs and mergers.
- The ongoing regulatory review of Nexalin’s Generation 2 and Generation 3 devices indicates significant advancements in their neurostimulation technology, which could lead to breakthroughs in treating mental health conditions.
- With products already approved in international markets such as China, Brazil, and Oman, Nexalin demonstrates expanding global opportunities for its innovative neurostimulation solutions.
Potential Negatives
- Appointment of a new CFO may suggest previous financial leadership issues or instability within the company's financial management.
- Forward-looking statements include warnings about risks and uncertainties, which could indicate potential difficulties in achieving future goals and financial performance.
- Company's reliance on FDA review for its next-generation devices adds uncertainty to their market readiness and potential revenue generation.
FAQ
Who is the new CFO of Nexalin Technology?
Justin Van Fleet, CPA, has been appointed as the Chief Financial Officer of Nexalin Technology, effective August 1, 2025.
What experience does Justin Van Fleet bring to Nexalin?
Justin Van Fleet has over 20 years of experience in public accounting and assurance services, focusing on financial strategy and compliance.
What is the focus of Nexalin's neurostimulation technology?
Nexalin's neurostimulation technology aims to treat anxiety, depression, and other chronic mental health conditions through non-invasive methods.
Are Nexalin's neurostimulation devices approved in any countries?
Yes, Nexalin's Gen-2 neurostimulation device has been approved in China, Brazil, and Oman.
What role will Justin Van Fleet play as CFO?
As CFO, Justin Van Fleet will oversee Nexalin's financial strategy, planning, and reporting as the company advances its neurostimulation systems.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NXL Insider Trading Activity
$NXL insiders have traded $NXL stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $NXL stock by insiders over the last 6 months:
- CAROLYN HAMBY SHELTON (Sr. VP - Quality, Regulatory) purchased 6,000 shares for an estimated $13,200
- DAVID OWENS (Chief Medical Officer) has made 2 purchases buying 2,000 shares for an estimated $6,080 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$NXL Hedge Fund Activity
We have seen 8 institutional investors add shares of $NXL stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC added 34,418 shares (+27.4%) to their portfolio in Q1 2025, for an estimated $67,115
- XTX TOPCO LTD removed 16,513 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $32,200
- DRIVE WEALTH MANAGEMENT, LLC removed 15,000 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $14,817
- NORTHERN TRUST CORP added 11,029 shares (+84.4%) to their portfolio in Q1 2025, for an estimated $21,506
- JANE STREET GROUP, LLC removed 10,304 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $20,092
- NEWEDGE ADVISORS, LLC added 10,000 shares (+inf%) to their portfolio in Q1 2025, for an estimated $19,500
- GEODE CAPITAL MANAGEMENT, LLC added 6,828 shares (+6.4%) to their portfolio in Q1 2025, for an estimated $13,314
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$NXL Analyst Ratings
Wall Street analysts have issued reports on $NXL in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Maxim Group issued a "Buy" rating on 03/24/2025
To track analyst ratings and price targets for $NXL, check out Quiver Quantitative's $NXL forecast page.
Full Release
HOUSTON, TX, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Nexalin Technology, Inc. (Nasdaq: NXL; NXLIW) (the “Company” or “Nexalin”), the leader in Deep Intracranial Frequency Stimulation (DIFS™) of the brain, today announced the appointment of Justin Van Fleet, CPA, as Chief Financial Officer, effective August 1, 2025.
Mr. Van Fleet brings more than 20 years of experience in public accounting and assurance services, most recently serving as Partner at Marcum LLP (formerly Friedman LLP). In this role, he led the firm’s assurance practice and advised both publicly traded and privately held clients across a wide range of sectors including technology, life sciences, manufacturing, and distribution. He is widely recognized for his integrity, technical expertise, and strategic leadership, particularly in guiding companies through complex financial transactions such as IPOs, mergers, and other corporate events.
Throughout his career, Mr. Van Fleet has built a strong track record of developing robust financial systems, mentoring high-performing teams, and ensuring compliance with the highest professional and regulatory standards. He has worked directly with audit committees and boards to drive transparency, financial integrity, and operational excellence.
Mark White, CEO of Nexalin Technology, commented, “We are thrilled to welcome Justin to the Nexalin executive leadership team. His deep expertise in public accounting, regulatory compliance, and strategic financial management will be invaluable as we scale our operations and continue advancing our groundbreaking neurostimulation platform.”
“Nexalin is at a pivotal moment, with a highly differentiated technology platform that holds enormous promise for treating serious mental health conditions,” said Mr. Van Fleet. “I’m honored to join the team and contribute to the financial discipline and scalability needed to support Nexalin’s ambitious goals. This is an exciting time for the Company, and I look forward to helping drive its next phase of growth and innovation.”
As CFO, Mr. Van Fleet will oversee Nexalin’s financial strategy, planning, and reporting functions as the Company advances its innovative, non-invasive neurostimulation systems through regulatory review and into commercial readiness. Nexalin’s Generation 2 and Generation 3 devices, currently under FDA review, are designed to deliver deep-brain stimulation without drugs, surgery, or invasive procedures—offering a potential breakthrough in the treatment of anxiety, depression, and other chronic mental health conditions.
Mr. Van Fleet holds a Bachelor of Science in Accounting from SUNY New Paltz. He is a licensed CPA in both New York and New Jersey and is an active member of the AICPA, NYSSCPA, and NJCPA. He also serves as Treasurer and Asset Development Committee Member of the Community Foundation of South Jersey.
About Nexalin Technology, Inc.
Nexalin designs and develops innovative neurostimulation products to uniquely help combat the ongoing global mental health epidemic. All of Nexalin's products are believed to be non-invasive and undetectable to the human body and are developed to provide relief to those afflicted with mental health issues. Nexalin utilizes bioelectronic medical technology to treat mental health issues. Nexalin believes its neurostimulation medical devices can penetrate structures deep in the mid-brain that are associated with mental health disorders. Nexalin believes the deeper-penetrating waveform in its next-generation devices will generate enhanced patient response without any adverse side effects. The Nexalin Gen-2 15 milliamp neurostimulation device has been approved in China, Brazil, and Oman. Additional information about the Company is available at: https://nexalin.com/ .
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," These statements relate to future events or Nexalin’s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that Nexalin or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or Nexalin’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Report on Form 10-K for the year ended December 31, 2024 and other filings as filed with the Securities and Exchange Commission. Copies of such filings are available on the SEC's website, www.sec.gov . Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
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