InvestorsHub Logo
Followers 3
Posts 1287
Boards Moderated 0
Alias Born 06/06/2017

Re: ManSax post# 32312

Monday, 02/01/2021 2:04:42 PM

Monday, February 01, 2021 2:04:42 PM

Post# of 34627
Lexaria closes $11.04-million (U.S.) offering

2021-01-15 06:54 ET - News Release


An anonymous director reports

LEXARIA BIOSCIENCE CORP. ANNOUNCES CLOSING OF $11 MILLION PUBLIC OFFERING WITH FULL EXERCISE OF UNDERWRITER OPTION TO PURCHASE ADDITIONAL SHARES AND WARRANTS

Lexaria Bioscience Corp. has closed its previously announced underwritten public offering of 1,828,571 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock at a public offering price of $5.25 per unit (all prices are in U.S. dollars). The warrants have an exercise price of $6.58 per share, are immediately exercisable and will expire five years following the date of issuance. In connection with the offering, the underwriter exercised in full its option to purchase an additional 274,285 shares of common stock and additional warrants to purchase 274,285 shares of common stock. The gross proceeds from the offering were approximately $11.04-million, before deducting underwriting discounts and estimated offering expenses. No securities were offered or sold in Canada, including through the Canadian Securities Exchange or any other trading market in Canada.

H.C. Wainwright & Co. acted as the sole bookrunning manager for the offering and is a non-related party to the company.

In connection with the offering, the company's common stock and warrants began trading on the Nasdaq Capital Market on Jan. 12, 2021, under the symbols LEXX and LEXXW, respectively.

All share numbers and pricing information in this press release reflect the company's previously announced one-for-30 reverse stock split of its common stock, which was effective at 4:30 p.m., Eastern Time, on Jan. 11, 2021.

The company agreed to pay Wainwright an underwriting discount equal to 8 per cent of the gross proceeds of the offering and a management fee equal to 1 per cent of the gross proceeds of the offering, and to reimburse Wainwright for a non-accountable expense allowance of $50,000, up to $100,000 in legal fees and up to $12,900 for clearing expenses. Additionally, as partial compensation for Wainwright's services as underwriter in the offering, the company also issued to Wainwright five-year warrants to purchase 166,781 shares of common stock with an exercise price of $6.58 per share.

The securities described above were offered by the company pursuant to a registration statement on Form S-1 (file No. 333-250326) that was previously filed with the U.S. Securities and Exchange Commission and declared effective on Jan. 11, 2021, and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) (file No. 333-252031), which became automatically effective on Jan. 11, 2021. This offering was made only by means of a prospectus. A final prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC's website or by contacting H.C. Wainwright & Co. LLC, 430 Park Ave., third floor, New York, N.Y., 10022, by e-mail at placements@hcwco.com or by telephone at 646-975-6996.

Pursuant to certain tail rights held by Bradley Woods & Co. Ltd., further to the company's May, 2020, private placement financing, the company is paying Bradley Woods $316,999.62 and issuing to Bradley Woods or its designees five-year warrants to purchase 60,385 shares of common stock at an exercise price of $6.58 per share.

bout Lexaria Bioscience Corp.

Lexaria Bioscience's proprietary drug delivery technology, DehydraTech, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The company's technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets and capsules. DehydraTech has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to five to 10 times, reduce time of onset from one to two hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTech to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide.
Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
Recent LEXX News