NeurAxis, Inc. (NRXS) has released an update.
Neuraxis, Inc. has engaged in a series of financial agreements to enhance its capital structure, including a deal with Flagstaff International for the sale of Series B Convertible Preferred Stock totaling $3 million, payable in monthly installments. Additionally, the company has issued convertible promissory notes to two accredited investors, raising $457,000 with an 8.5% annual interest rate, convertible into Series B Preferred Stock post-stockholder approval. The company also entered into Registration Rights Agreements, granting investors rights to request registration of their securities. In a subsequent amendment with Flagstaff International, similar terms were applied to their agreement, with one installment payment already completed. These strategic financial moves aim to bolster Neuraxis, Inc.’s working capital and support its corporate objectives.
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