XRTX - XORTX Reprices Balance of Warrants Issued in Connection with October 2021 US IPO | Benzinga
CALGARY, Alberta, May 17, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the "Company") (NASDAQ:XRTX, TSXV:XRTX, Frankfurt: ANU)), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces that further to its press releases of March 11 and April 30, 2024, the Company has received TSX Venture Exchange ("TSXV") approval to amend the terms of the balance of outstanding common share purchase warrants ("Warrants") that were issued on October 15, 2021. Reference is made to the Company's press release of October 7, 2022 wherein the Company indicated that the Warrants had been repriced in connection with the October 7, 2022 private placement, however that process was not completed at the time. The re-pricing approval received affects an original 910,000 warrants (101,111 post 9:1 consolidation). The Warrants had an original exercise price of USD $42.93 (CAD $53.10) (adjusted up from USD $4.77 to USD $42.93 per share as a result of the 9:1 consolidation). The TSXV has now approved an amended exercise price of USD $5.00 (on a post-consolidation basis) and the acceleration provision outlined below.
New Warrant Acceleration Provision
If the volume weighted average price for the Company's common shares on TSXV is greater than USD $6.50 (approximately CAD $8.76) per common share for a period of ten (10) consecutive trading days, then the Company may give notice to the Holders of the Warrant by way of a news release (the "Notice") notifying such Holder that ...