Lexington Biosciences to Consolidate its Common Shares Thu April 25, 2019 8:00 AM|GlobeNewswire|About: LXGTF
VANCOUVER, British Columbia, April 25, 2019 (GLOBE NEWSWIRE) -- Lexington Biosciences, Inc. (LXGTF) (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) postconsolidated Share for every ten (10) preconsolidated 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,
“Eric Willis”
Eric Willis
CEO & Director