LXRP - Lexaria Announces Effective Date for Reverse Stock Split
(TheNewswire)
Kelowna, British Columbia – TheNewswire - January 8, 2021 –Lexaria Bioscience Corp. (OTC:LXRP) (CSE:LXX) (CNSX:LXX.CN) (the “Company” or“Lexaria”), a global innovator in drug delivery platforms, today announced that it intends to effect areverse stock split of its common stock effective as of 4:30 pm EST onJanuary 11, 2021 (the “ Reverse Split ”).
The Reverse Split willbe conducted on a 1-for-30 basis resulting in the Company’s currentissued share capital of 90,044,312 shares of common stock beingconsolidated into 3,001,377 shares of common stock, subject toadjustment for fractional shares which will be rounded to the nearestwhole number. In addition, all of the Company’s issued convertiblesecurities will also be subject to the Reverse Split, with theexercise prices of the Company’s outstanding convertible securitiesbeing adjusted accordingly.
Following the Reverse Split, the Company’s shares ofcommon stock are intended but are not guaranteed to be listed on theNASDAQ Capital Market (“ Nasdaq ”) on January 12, 2021 under the stocksymbol LEXX and under the new CUSIP number 52886N406. There is noassurance that the common stock will be listed on Nasdaq on January12, 2021 or at all, as the listing is subject to the satisfaction ofNasdaq’s listing requirements, including a capital raise.
Following the Reverse Split, the Company’s shares ofcommon stock will continue to be traded on the CSE under the existingstock symbol, LXX.
If the listing of the Company’s common stock onNasdaq is approved, the common stock will no longer trade on the OTCQXas of January 12, 2021.
Shareholders of the Company who hold shares of commonstock represented by a physical share certificate will need to depositthe completed letter of transmittal as attached to this news releaseand their share certificate with Computershare Trust Company of Canadapursuant to the instructions contained in the letter oftransmittal.
Lexaria Bioscience Corp.’s (OTCQX: LXRP, CSE: LXX)proprietary drug delivery technology, DehydraTECH™, improves the wayactive pharmaceutical ingredients (APIs) enter the bloodstream bypromoting healthier oral ingestion methods and increasing theeffectiveness of fat-soluble active molecules, thereby loweringoverall dosing. The Company’s technology can be applied to manydifferent ingestible product formats, including foods, beverages, oralsuspensions, tablets, and capsules. DehydraTECH has repeatedlydemonstrated since 2016 with cannabinoids and nicotine the ability toincrease bio-absorption by up to 5-10x, reduce time of onset from 1 -2 hours to minutes, and mask unwanted tastes; and is planned to befurther evaluated for orally administered bioactive molecules,including anti-virals, cannabinoids, vitamins, non-steroidalanti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensedDehydraTECH to multiple companies including a world-leading tobaccoproducer for the development of smokeless, oral-based nicotineproducts and for use in industries that produce cannabinoid beverages,edibles, and oral products. Lexaria operates a licensed in-houseresearch laboratory and holds a robust intellectual property portfoliowith 18 patents granted and approximately 60 patents pendingworldwide. For more information, please visit www.lexariabioscience.com .
This press releaseincludes forward-looking statements. Statements as such term isdefined under applicable securities laws. These statements may beidentified by words such as "anticipate," "if,""believe," "plan," "estimate,""expect," "intend," "may,""could," "should," "will," and othersimilar expressions. Such forward-looking statements in this pressrelease include, but are not limited to, statements by the companyrelating the Company’s ability to effect the reverse split and listits shares on Nasdaq. Such forward-looking statements are estimatesreflecting the Company's best judgment based upon current informationand involve a number of risks and uncertainties, and there can be noassurance that the Company will actually achieve the plans,intentions, or expectations disclosed in these forward-lookingstatements. As such, you should not place undue reliance on theseforward-looking statements.
Any forward-lookingstatements contained in this release speak only as of the date hereof,and the Company expressly disclaims any obligation to update anyforward-looking statements contained herein, whether as a result ofany new information, future events, changed circumstances orotherwise, except as otherwise required by law.
TheCSE has not reviewed and does not accept responsibility for theadequacy or accuracy of this release.
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