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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 progressive kidney disease, announces that the Company's board of directors has approved consolidating (the "Consolidation") its common shares ("Shares") on the basis of one post-consolidation Share for every nine pre-consolidation Shares, effective November 9, 2023 (the "Effective Date").
The Consolidation has been approved by the TSX Venture Exchange (the "TSXV") and follows approval of a consolidation of the Shares on the basis of a range of up to nine pre-consolidation Shares for every one post-consolidation Share at the special meeting of shareholders of the Company held on October 27, 2023. As a result of the Consolidation, the number of issued and outstanding Shares will be reduced from 17,989,687 to approximately 1,998,854, subject to adjustment for rounding. No fractional shares will be issued in connection with the Consolidation. If a holder of Shares would otherwise be entitled to a fraction of a share, then the number of post-Consolidation Shares issuable to such shareholder shall be rounded down to the next lower whole number. No cash consideration will be paid in respect of fractional shares. The exercise or conversion price and/or the number of Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.
The Shares will continue to trade on the TSXV and the Nasdaq Capital Market ("Nasdaq") under the symbol "XRTX" on a post-Consolidation basis, under a new CUSIP number – 98420Q306. The Shares are expected to begin trading on a post-consolidation basis on the TSXV and Nasdaq when markets open on or about Friday, November 10, 2023.
Shareholders of record as of the Effective Date will receive a letter of transmittal from TSX Trust Company, the transfer agent for the Shares, providing instructions for the exchange of their Shares as soon as practicable following the Effective Date. Until surrendered, each share certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation shares to which the holder is entitled as a result of the Consolidation.
