Item 5. Market for Registrant’s Common Equity
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our
common stock is traded on The NASDAQ Capital Markets under the symbol “NXXT.” Our common stock commenced trading on September
15, 2021.
There
were 111,998,644 shares of common stock issued and outstanding as of March 25, 2025. As of March 25, 2025, there were approximately 107
shareholders of record.
Dividend
Policy
We
have not paid any and have no present intention of paying any dividends on our capital stock. Our current policy is to retain earnings,
if any, for use in our operations and in the development of our business. As a result, we anticipate that only appreciation of the price
of our common stock, if any, will provide a return to investors for at least the foreseeable future.
Use
of Proceeds from the Sale of Registered Securities
On
September 14, 2021, our Registration Statement, as amended, and originally filed on Form S-1 (file No. 333-256691) was declared effective
by the SEC for our initial public offering of 7,187,500 shares of common stock, including 937,500 shares of common stock purchased by
the underwriters pursuant to the exercise of the over-allotment option each at an offering price of $4.00 per share, for aggregate gross
proceeds of approximately $28.75 million. After deducting underwriting discounts, commissions and offering costs incurred by us of approximately
$3.50 million, the net proceeds from the offering were approximately $25.25 million. ThinkEquity LLC acted as sole book-running manager
of the initial public offering. No offering costs were paid or are payable, directly, or indirectly, to our directors or officers, to
persons owning 10% or more of any class of our equity securities, or to any of our affiliates.
There
has been no material change in the expected use of the net proceeds from our IPO as described in our final prospectus filed with the
SEC on September 14, 2021. Upon receipt, the net proceeds from our IPO were held in cash, cash equivalents and short-term investments.
As of December 31, 2023, we have used approximately $25.25 million of the net proceeds from the IPO. Pending such uses, we plan to continue
investing the unused proceeds from the IPO in fixed, non-speculative income instruments and money market funds.
On
February 13, 2025, the Company announced the pricing of a public offering of 5,000,000 shares of common stock at a price to the public
of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, the
Company granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments,
if any. A registration statement on Form S-1 (File No. 333-275761) relating to such shares was filed and a post-effective amendment thereto
became effective on February 13, 2025. ThinkEquity, LLC acted as sole book-runner for the offering. The closing of this offering occurred
on February 18, 2025. The net proceeds to the Company from this offering, after deducting the underwriting discounts and commissions
and other estimated offering expenses payable by the Company, is expected to be approximately $13.3 million. The Company intends to use
the net proceeds from this offering to expand its business, repay outstanding indebtedness, and general corporate purposes, including
working capital.
58
Recent
Sales of Unregistered Securities
The
information set forth below relates to our issuances of securities without registration under the Securities Act of 1933 during the reporting
period which were not previously included in an Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K.
The
Company has sold a total of 100,690,402 shares of its common stock within the past three years which were not registered under the Securities
Act. All of the sales were made pursuant to an exemption from registration afforded by Section 4(a)(2) of the Securities Act.
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
We
did not purchase any of our shares of common stock or other securities during our fiscal year ended December 31, 2024.
Item
6. [Reserved]