Lexaria Bioscience Corp. Announces Uplisting to Nasdaq Capital Market and Pricing of $9.6 Million Upsized Public Offering

About this update from Lexaria Bioscience Corp.

[{"type":"text","content":"KELOWNA, BC / ACCESSWIRE / January 12, 2021 / Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the \"Company\") today announced that its common stock and warrants will begin trading on the Nasdaq Capital Market on January 12, 2021, under the symbols \"LEXX\" and \"LEXXW,\" respectively.Lexaria also announced the pricing of an underwritten public offering (the \"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 $5.25 per unit (all prices in US$). The shares of common stock and warrants comprising the units are immediately separable and will be issued separately, but will be purchased together. The warrants have an exercise price of $6.58 per share, are immediately exercisable and will expire five years following the date of issuance. The Company has granted the underwriter a 30-day option to purchase up to an additional 274,285 shares of common stock and/or warrants to purchase up to 274,285 shares of common stock.H.C. Wainwright & Co. is acting as the sole book-running manager for the Offering.The gross proceeds of the Offering are expected to be approximately $9.6 million, prior to deducting underwriting discounts and commissions and estimated offering expenses and excluding the exercise of any warrants and the underwriter's option to purchase additional securities. In the event that the underwriter exercises its option to purchase additional securities in full, the Company expects to receive approximately $1.44 million in additional gross proceeds. However, there can be no assurance that the underwriter will exercise its option to purchase additional securities. This Offering is expected to close on or about January 14, 2021, subject to customary closing conditions.All share numbers and pricing information in this press release reflect the Company's previously announced 1-for-30 reverse stock split of its common stock, which was effective at 4:30 p.m., Eastern time, on January 11, 2021.The Company intends to use the net proceeds from this Offering for research and development studies, the patent and legal costs associated thereto, and general working capital purposes.The securities described above are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-250326)...

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