XORTX completes 1-for-5 share consolidation to meet NASDAQ requirements

XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX) completed a share consolidation on March 27, 2025, reducing its outstanding common shares from 6,962,218 to approximately 1,392,444 on a 1-for-5 basis.

The Calgary-based pharmaceutical company's board approved the consolidation to maintain compliance with NASDAQ's listing requirements, which mandate shares trade above $1.00. NASDAQ has given the company until April 13, 2026 to meet the condition that its shares trade above $1.00 for 10 consecutive days.

Shareholders approved the consolidation at the company's annual meeting on March 24, 2026. The TSX Venture Exchange also approved the transaction. Shares continue trading under the symbol "XRTX" on both the TSXV and NASDAQ Capital Market under a new CUSIP number 98420Q405.

Fractional shares resulting from the consolidation will be cancelled if less than one-half of a full share, or rounded up to the nearest whole number if greater than or equal to one-half. No cash will be paid for fractional shares. The exercise price and number of shares for outstanding convertible securities will be proportionately adjusted.

TSX Trust Company will send letters of transmittal to shareholders providing exchange instructions. Existing share certificates will represent the appropriate number of post-consolidation shares until surrendered.

XORTX develops therapies for gout and progressive kidney disease, with three clinically advanced programs including XRx-026 for gout treatment, XRx-008 for autosomal dominant polycystic kidney disease, and XRx-101 for acute kidney injury associated with respiratory virus infections.

You May Also Be Interested In

• Matinas BioPharma to merge with GH Power, sell drug unit to Azurity
• Construction Partners acquires Ellsworth Construction in Oklahoma
• Jones Ventures INTL Acquisition1 prices $200M IPO on Nasdaq