LEXXW - Lexaria Bioscience Announces Pricing of $2.0 Million Public Offering
(TheNewswire)
Kelowna, British Columbia – TheNewswire - May 8, 2023 - Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (the"Company" or "Lexaria"), a global innovator indrug delivery platforms, today announced the pricing of its publicoffering of 2,106,000 units, with each unit consisting of one share ofcommon stock (or one pre-funded warrant to purchase one share ofcommon stock in lieu thereof), and one warrant to purchase one shareof common stock. Each unit is being sold at a public offering priceof $0.95. The warrants will be immediately exercisable at a price of$0.95 per share and will expire five years from the date of issuance.The shares of common stock (or pre-funded warrants in lieu thereof)and accompanying warrants can only be purchased together in thisoffering, but will be issued separately and will be immediatelyseparable upon issuance.
Gross proceeds, before deducting placement agent feesand other offering expenses, are expected to be approximately $2.0million. The offering is expected to close on May 11, 2023, subjectto customary closing conditions.
Maxim Group LLC is acting as sole placement agent inconnection with this offering.
The securities described above are being offeredpursuant to a registration statement on Form S-1, as amended (File No.333-271096) (the “Registration Statement”), which was declaredeffective by the Securities and Exchange Commission (the"SEC") on May 8, 2023. The offering is being made only bymeans of a prospectus which is a part of the Registration Statement. Apreliminary prospectus relating to the offering has been filed withthe SEC. Copies of the final prospectus relating to this offering,when available, will be filed with the SEC and may be obtainedfrom Maxim Group LLC, 300 Park Avenue, 16th Floor, New York,NY 10022, at (212) 895-3745.
This press release shall not constitute an offer tosell or a solicitation of an offer to buy any of the securitiesdescribed herein, nor shall there be any sale of these securities inany state or other jurisdiction in which such offer, solicitation orsale would be unlawful prior to the registration or qualificationunder the securities laws of any such state or otherjurisdiction.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.'s patented drug delivery technology,DehydraTECH™, improves the way active pharmaceutical ingredients(APIs) enter the bloodstream through oral delivery. Since 2016,DehydraTECH has repeatedly demonstrated the ability to increasebio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors andmore. DehydraTECH has also evidenced an ability to deliver some drugsmore effectively across the blood brain barrier. Lexaria operates alicensed in-house research laboratory and holds a robust intellectualproperty portfolio with 30 patents granted and many patents pendingworldwide. For more information, please visit www.lexariabioscience.com .
Forward-Looking Safe HarborStatement
This press release includes forward-looking statements. Statements assuch term is defined under applicable securities laws. Thesestatements may be identified by words such as "anticipate,""if," "believe," "plan,""estimate," "expect," "intend,""may," "could," "should,""will," and other similar expressions. Such forward-lookingstatements in this press release include, but are not limited to, theCompany’s ability to satisfy customary closing conditions related tothe offering. Such forward-looking statements are estimates reflectingthe Company's best judgment based upon current information and involvea number of risks and uncertainties, and there can be no assurancethat the Company will actually achieve the plans, intentions, orexpectations disclosed in these forward-looking statements. As such,you should not place undue reliance on these forward-lookingstatements. Factors which could cause actual results to differmaterially from those estimated by the Company include, but are notlimited to, government regulation and regulatory approvals, managingand maintaining growth, the effect of adverse publicity, litigation,competition, scientific discovery, the patent application and approvalprocess, potential adverse effects arising from the testing or use ofproducts utilizing the DehydraTECH technology, the Company's abilityto maintain existing collaborations and realize the benefits thereof,delays or cancellations of planned R&D that could occur related topandemics or for other reasons, and other factors which may beidentified from time to time in the Company's public announcements andperiodic filings with the US Securities and Exchange Commission onEDGAR. The Company provides links to third-party websites only as acourtesy to readers and disclaims any responsibility for thethoroughness, accuracy or timeliness of information at third-partywebsites. There is no assurance that any of Lexaria's postulated uses,benefits, or advantages for the patented and patent-pending technologywill in fact be realized in any manner or in any part. No statementherein has been evaluated by the Food and Drug Administration (FDA).Lexaria-associated products are not intended to diagnose, treat, cureor prevent any disease. Any forward-looking statements contained inthis release speak only as of the date hereof, and the Companyexpressly disclaims any obligation to update any forward-lookingstatements or links to third-party websites contained herein, whetheras a result of any new information, future events, changedcircumstances or otherwise, except as otherwise required by law.
Investor Contact:
George Jurcic - Head of InvestorRelations
ir@lexariabioscience.com
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