XORTX Therapeutics shareholders approve 1:10 rollback

Executive Summary

• XORTX Therapeutics Inc. shareholders approved a share consolidation at the Annual General Meeting held on March 24, 2026, authorizing the board to consolidate common shares on a basis of up to one post-consolidation share for every five pre-consolidation shares.
• The consolidation is intended to maintain compliance with Nasdaq Stock Market’s continual listing requirements, specifically the condition that shares trade above $1.00 for 10 consecutive days by April 13, 2026.
• The transaction is pending approval from the TSX Venture Exchange, with trading on a post-consolidation basis to commence on a date to be determined in consultation with the exchange.

Key Details

• Shareholder Approval: Authorized via ordinary resolution at the annual and special meeting of shareholders on March 24, 2026.
• Consolidation Ratio: One post-consolidation common share for up to five pre-consolidation common shares.
• Timeline: The board may implement the consolidation when deemed in the best interest of the company, but no later than one year from the meeting date.
• Pre-Consolidation Share Count: 6,962,218 common shares issued and outstanding.
• Post-Consolidation Share Count: Approximately 1,392,443 common shares (exact number subject to fractional share handling).
• Fractional Share Handling:
  • Fractions less than one-half of a full share are cancelled.
  • Fractions greater than or equal to one-half of a full share are rounded up to the nearest whole number.
• Regulatory Status: Pending approval of the TSX Venture Exchange.
• Name Change: The company will not undergo a name change in connection with the consolidation.
• Trading Resumption: Shares will commence trading on a post-consolidation basis on a date to be determined in consultation with the TSX-V, announced via subsequent news release.
• Shareholder Instructions: Registered shareholders will receive a letter of transmittal by mail with instructions to exchange share certificates; beneficial shareholders holding shares through brokers/intermediaries are not required to take action.

Notable Quotes

• No direct quotes from management were included in the provided text.