Common Share and Warrants Reduced By 1.5% and 38%, Respectively.
MONTREAL, July 13, 2022 /CNW/ - LXRandCo, Inc. (LXR or the Company) (TSX: LXR), today provided an update on its share capital base. As summarized below, our share capital is made up of Class B common shares ("Common Shares) and a series of Common Share purchase warrants (collectively, the "Warrants").
Common Shares
On January 1, 2022, there were 92,783,155 issued and outstanding Common Shares, of which 1,357,656 Common Shares were subject to forfeiture on June 9, 2022 unless the trading price of the Common Shares exceeded $13.00 per share under certain conditions (the "Forfeitable founders' shares"). As the Forfeitable founders' shares were out-of-the-money on June 9, 2022, these shares were eliminated and our outstanding Common Share count was reduced to 91,425,499, a reduction of 1.5% of the total Common Shares outstanding.
Warrants
On January 1, 2022, there were a total of 28,879,250 Warrants issued and outstanding, of which 10,861,250 warrants with an exercise price of $11.50 per Common Share had an expiry date of June 9, 2022. As these warrants were out-of-the-money on June 9, 2022, none were exercised and our outstanding Warrants were reduced by that amount, thereby reducing the Company's issued and outstanding Warrants to 18,018,000, a reduction of 37.6% of the total Warrants outstanding.
About LXR
LXRandCo is a socially responsible, digital-first omni-channel retailer of authenticated pre-owned luxury handbags and personal accessories. Since 2010, we have been providing consumers with authenticated branded luxury products by promoting their reuse and providing an environmentally responsible way for consumers to purchase luxury products. We achieve this through our digital-first strategy by selling directly to consumers through our website at www.lxrco.com and indirectly, by powering the e-commerce and other platforms of key channel partners. Our omni-channel model is also supported by retail 'shop-in-shop' experience centers and by wholesale activities with select retail partners across North America.
SOURCE LXRandCo, Inc.
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