LEXX - InvestorNewsBreaks - Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces $4.7M Warrant Exercise Agreement
Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has entered into a warrant exercise agreement with an existing accredited investor to exercise in full existing warrants. Specifically, the agreement is comprised of the purchase of 2,917,032 shares of common stock, as to 1,618,330 warrants exercised at an exercise price of $0.97 per share, and 1,298,702 warrants exercised at $2.185 per share; the shares and warrants were originally issued in October 2023 and February 2024, respectively. The company noted that following this exercise, there are no remaining warrants exercisable at $0.97 and 259,741 warrants unexercised at $2.185. According to the announcement, the exercise agreement is expected to result in $4.7 million in gross proceeds for Lexaria, before standard deductions and expenses; the company anticipates using the funds for working capital and other general corporate purposes. The announcement also noted that, in consideration for the early exercise of the existing warrants for cash, and the payment of $0.125 per each new warrant, the company is issuing 2,917,032 new warrants, each new warrant entitling the holder to purchase one new share of common stock. The new warrants are immediately exercisable at an exercise price of $4.75 per share and will expire on Feb. 16, 2029, if not exercised before that date. “These additional cash proceeds of $4.7 million further extend Lexaria's operational runway deep into 2025 and allow us to execute our 2024 plans at an aggressive pace," said Lexario CEO Chris Bunka in the press release. “The exercise price of the replacement warrants, at $4.75, is a significant premium to current market prices and, in our opinion, a sign of confidence in Lexaria's future.”
To view the full press release, visit https://ibn.fm/gj9Ui
About Lexaria Bioscience Corp.
Lexaria Bioscience’s patented drug-delivery formulation and processing platform technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, Lexaria has developed and investigated DehydraTECH with a variety of beneficial molecules in oral and topical formats. DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption and has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier, which Lexaria believes to be of particular importance for centrally active compounds. Lexaria operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 41 patents granted and many patents pending worldwide. For more information about the company, please visit www.LexariaBioscience.com.
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