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XORTX Reports that Shareholders Approved the Share Consolidation at the Annual General Meeting
CALGARY, Alberta, March 24, 2026 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“ XORTX ...
About this update from Xortx Therapeutics, Inc.
[{"type":"text","content":"XORTX Reports that Shareholders Approved the Share Consolidation at the Annual General Meeting\nCALGARY, Alberta, March 24, 2026 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat gout and progressive kidney disease, is pleased to announce that the shareholders of the Company, via ordinary resolution at the annual and special meeting of the shareholders held on March 24, 2026 (the “Meeting”), have authorized the board of directors of the Company (the “Board”) to complete a consolidation of the issued and outstanding common shares in the capital of the Company (“Common Shares”) on the basis of up to five (5) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the “Consolidation”). The Board is authorized to complete the Consolidation when the Board considers it to be in the best interests of the Company to implement such Consolidation, but in any event not later than one year from the Meeting. The Consolidation is pending approval of the TSX Venture Exchange (the “TSXV”). The Company will not undergo a name change in connection with the Consolidation. The reason for the consolidation is to maintain compliance with (i) NASDAQ’s continual listing requirements (namely, that the Company’s shares trade above $1.00), and (ii) NASDAQ’s condition for the Company that its shares trade above $1.00 for 10 days by April 13, 2026. Prior to the Consolidation, the Company has 6,962,218 Common Shares issued and outstanding. No fractional Common Shares will be issued in connection with the Consolidation. In the event a holder of Common Shares would be entitled to fractional Common Shares as the result of the Consolidation, the fractional Common Shares shall be either: (i) cancelled, if less than one-half (1/2) of a full Common Share, or (ii) rounded up to the nearest whole number, if greater than or equal to one-half (1/2) of a full Common Share. The number of issued and outstanding Common Shares immediately following the Consolidation is approximately 1,392,443, however the exact number will vary depending on the cancellation and rounding...