UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) July 15, 2024

 

LEXARIA BIOSCIENCE CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

 

000-52138 

 

20-2000871

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

 100 – 740 McCurdy Road, Kelowna, BC Canada

 

V1X 2P7

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (250) 765-6424

 

                                                                                                                       

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

Warrants to Purchase Common Stock

 

LEXX

LEXXW

 

The Nasdaq Capital Market

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

Effective on July 15, 2024, Mr. Nelson Cabatuan resigned from his position as the Company’s Chief Financial Officer in order to focus his attention on corporate finance and strategic industry relationships for Lexaria as its Chief Strategic Financial Advisor.  Mr. Cabatuan’s resignation is not due to any disagreement with the Company or any matter relating to the Company’s operations, financial statements, internal controls, auditors, policies or practices.  Pursuant to his resignation as CFO, effective on July 15, 2024, the 150,000 unvested options that were issued as part of Mr. Cabatuan’s 200,000 option issuance as CFO will expire and be returned to the Company’s Incentive Equity Compensation Plan for reissuance.  In addition, Mr. Cabatuan has agreed to reduce the term of his vested 50,000 options from March 15, 2029 to July 15, 2026.

 

The Company expects to appoint and announce its new Chief Financial Officer in due course.

 

Item 7.01 Regulation FD Disclosure

 

On July 17, 2024 the Company announced initial results from eight of its twelve arm animal study WEIGHT-A24-1 whereby it has been found that DehydraTECH works with a second GLP-1 drug, liraglutide, works with semaglutide both with and without SNAC technology and that DehydraTECH-CBD is performing strongly against these GLP-1 drugs.  The results from the initial eight study arms which tested DehydraTECH enhanced: CBD, Rybelsus®, semaglutide and liraglutide were used to determine the strongest performers for the purposes of creating a combined DehydraTECH-semaglutide with DehydraTECH-CBD formulation and a combined DehydraTECH-liraglutide with DehydraTECH-CBD for the second portion of the study which has commenced with results expected to be completed in mid-October. 

 

Item 9.01 Financial Statements and Exhibits 

 

99.1

Press Release dated July 17, 2024

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 
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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

LEXARIA BIOSCIENCE CORP.

 

/s/ Chris Bunka

 

Chris Bunka

 

CEO, Principal Executive Officer

 

 

 

Date: July 17, 2024 

 

 

 
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Cover
Jul. 15, 2024
Document Information Line Items  
Entity Registrant Name LEXARIA BIOSCIENCE CORP.
Entity Central Index Key 0001348362
Document Type 8-K
Amendment Flag false
Entity Emerging Growth Company false
Document Period End Date Jul. 15, 2024
Entity File Number 000-52138
Entity Incorporation State Country Code NV
Entity Tax Identification Number 20-2000871
Entity Address Address Line 1 100 – 740 McCurdy Road
Entity Address City Or Town Kelowna
Entity Address Postal Zip Code V1X 2P7
City Area Code 250
Local Phone Number 765-6424
Entity Address State Or Province BC
Entity Address Country CA
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Warrants  
Document Information Line Items  
Security 12b Title Warrants to Purchase Common Stock
Trading Symbol LEXXW
Security Exchange Name NASDAQ
Common Stock [Member]  
Document Information Line Items  
Security 12b Title Common Stock, par value $0.001 per share
Trading Symbol LEXX
Security Exchange Name NASDAQ
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