VANCOUVER, BRITISH COLUMBIA – April 25, 2018 – Lexington Biosciences, Inc. (CSE: LNB) (OTCQB: LXGTF) (the “Company” or “Lexington”) announces that effective at the opening of markets on April 26, 2019, the Company has consolidated its outstanding common shares (the “Shares”) on the basis of one (1) post‐consolidated Share for every ten (10) pre‐consolidated Shares held (the “Consolidation”). The new CUSIP number will be 529020406 and the new ISIN number will be CA5290204067. The Company’s name and stock symbol will remain unchanged following the Consolidation.
The Consolidation was approved by the Board of Directors of the Company passed effective March 29, 2019. No fractional Shares will be issued under the Consolidation as fractional Shares will be rounded to the nearest whole number. The Company currently has 37,853,401 Shares issued and outstanding and immediately following the Consolidation will have approximately 3,785,340 Shares issued and outstanding.
Letters of transmittal with respect to the Consolidation will be mailed shortly to all registered shareholders of the Company (the “Shareholders”). All Shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the pre-consolidated Shares to the Company’s transfer agent, AST Trust Company, will receive a certificate representing the post-consolidated Shares.
The Company’s stock has been halted by the CSE due to a miscommunication regarding the CUSIP eligibility. The Company’s shares will resume trading on a consolidated basis at the opening of the market on Friday April 26, 2019.
On Behalf of the Board,
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the effective date of the Consolidation, the number Shares outstanding following the Consolidation, the treatment of fractional shares in the Consolidation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include those relating to the ability to complete the Consolidation on the effective date, the number of post-Consolidation Common Shares is different from the number set out herein and the treatment of fractional shares in the Consolidation is different from what is set out herein and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward- looking statements as expressly required by applicable law.
Lexington Biosciences, Inc.
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