UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
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(State or other jurisdiction of incorporation) |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code (
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
Warrants to Purchase Common Stock |
| LEXXW |
| The The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
Cure of Nasdaq Bid Price Deficiency
On August 24, 2023, Lexaria Bioscience Corp. (the “Company”) received a letter from the listing qualifications department staff of The Nasdaq Stock Market (“Nasdaq”) confirming that the closing bid for the Company’s common stock during the ten (10) consecutive business days from August 10, 2023 to August 23, 2023 had been at or greater than $1.00 and therefore compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on Nasdaq had been regained.
To note, the Company has also called a special meeting of shareholders to approve a possible reverse stock split by no later than May 31, 2024 to ensure that the Company would be able to maintain its Nasdaq listing. While the Company currently has regained compliance with Nasdaq Listing Rule 5550(a)(2), it intends to proceed with the special meeting and the reverse stock split proposal to ensure that it is in a position to quickly cure any future failure to comply with Nasdaq Listing Rule 5550(a)(2) or to ensure that the Company’s share capital structure is in a better position to attract additional investment.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LEXARIA BIOSCIENCE CORP. | |
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/s/ Chris Bunka | |
Chris Bunka | |
CEO, Principal Executive Officer | |
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Date: August 28, 2023 |
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Cover |
Aug. 24, 2023 |
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| Cover [Abstract] | |
| Entity Registrant Name | LEXARIA BIOSCIENCE CORP. |
| Entity Central Index Key | 0001348362 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Aug. 24, 2023 |
| Entity File Number | 000-52138 |
| Entity Incorporation State Country Code | NV |
| Entity Tax Identification Number | 20-2000871 |
| Entity Address Address Line 1 | 100 – 740 McCurdy Road |
| Entity Address City Or Town | Kelowna |
| Entity Address Country | CA |
| Entity Address Postal Zip Code | V1X 2P7 |
| City Area Code | 250 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Local Phone Number | 765-6424 |
| Security 12b Title | Common Stock, par value $0.001 per share |
| Trading Symbol | LEXX |
| Security Exchange Name | NASDAQ |