NexGel Files to Register 15.25 Million Shares From Note Conversions
NexGel (NXGL) on Thursday filed a prospectus to register the resale of 15.25 million shares of common stock issuable upon conversion of unsecured convertible promissory notes tied to its April 2026 and May 2026 financings and its acquisition of certain assets from Celularity (CELU).The company excluded shares tied to related warrants from the filing, citing insufficient authorized shares, while several insiders, including director Brian Kieser and CEO Adam Levy, voluntarily excluded their notes to make additional authorized shares available for other selling stockholders.NexGel has scheduled a Sept. 23 special meeting to seek approval to increase its authorized shares to up to 150 million from 25 million, after stockholders rejected a substantially similar proposal to increase the authorized shares to 100 million in July.The company said there is substantial doubt about its ability to continue as a going concern, citing unrestricted cash of $500,000 as of June 30, a net loss of $4.5 million for the six months ended June 30 and $2.7 million of cash used in operating activities.Shares of NexGel were down 6% in Thursday afternoon trading.Price: $0.38, Change: $-0.02, Percent Change: -5.97%
