Lexaria Bioscience Corp (OTCMKTS:LXRP) reported on January 5, 2018, it submitted a shareholder information and registration statement circular on Form S-4 with the U.S. SEC following which company will seek shareholder nod to alter its corporate domicile to the Province of British Columbia from Nevada.
The procedure of changing Lexaria Bioscience corporate domicile, named as ”continuation” in British Columbia or ”conversion” in Nevada, comprises several initiatives counting clearing the S-4 registration filing with the SEC, and obtaining and seeking shareholder nod at a meeting of the shareholders.
Chris Bunka, the Chairman and CEO, expressed that the submission of the S-4 registration statement marks the end of a long period of research and contemplation by Lexaria’s board of directors and management. They expect to working constructively with the U.S. SEC via its assessment of the S-4 and expect to report a shareholder vote in a timely manner.
Separately, Lexaria Bioscience has obtained around US$216,850 from the exercise of stock options and stock warrants earlier given. The details of stock options that were exercised are as to 33,375 at price of US$0.2273 while 50,000 warrants were exercised at US$0.295 and 324,191 warrants were exercised at US$0.60. These reported exercises are by third entities who are neither directors nor officers of the firm.
No placement fees or commissions have been paid linked to the funds obtained from these warrants exercised. Lexaria reported that proceeds will be utilized for general corporate purposes. The securities mentioned to herein will have not been or not be registered under the U.S. Securities Act of 1933, as modified, and may not be sold or offered in the U.S. absent registration or a pertinent exemption from registration requirements.
In the last trading session, the stock price of Lexaria declined more than 3% to close the day at $1.95. The decline came at a share volume of 367,036 compared to average share volume of 353,214.