Lexaria Bioscience Corp. announced on October 16, 2024, the closing of its previously announced registered direct offering. The company sold 1,633,987 shares of common stock at a purchase price of $3.06 per share.
In a concurrent private placement, Lexaria also issued unregistered warrants to purchase up to 4,551,019 shares of common stock. These warrants have an exercise price of $3.06 per share.
This financing event provides Lexaria with $5 million in gross proceeds, which will be used to fund ongoing research and development activities and for general corporate purposes. The offering, however, results in dilution for current shareholders due to the issuance of new shares and warrants.
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