Common Share and Warrants Reduced By 1.5% and
38%, Respectively.
MONTREAL, July 13,
2022 /CNW/ - LXRandCo, Inc. (LXR or the
Company) (TSX: LXR), today provided an update on its share
capital base. As summarized below, our share capital is made up of
Class B common shares ("Common Shares) and a series of
Common Share purchase warrants (collectively, the
"Warrants").
Common Shares
On January
1, 2022, there were 92,783,155 issued and outstanding Common
Shares, of which 1,357,656 Common Shares were subject to forfeiture
on June 9, 2022 unless the trading
price of the Common Shares exceeded $13.00 per share under certain conditions (the
"Forfeitable founders' shares"). As the
Forfeitable founders' shares were out-of-the-money on June 9, 2022, these shares were eliminated and
our outstanding Common Share count was reduced to 91,425,499, a
reduction of 1.5% of the total Common Shares
outstanding.
Warrants
On January 1,
2022, there were a total of 28,879,250 Warrants issued and
outstanding, of which 10,861,250 warrants with an exercise price of
$11.50 per Common Share had an expiry
date of June 9, 2022. As these
warrants were out-of-the-money on June 9,
2022, none were exercised and our outstanding Warrants were
reduced by that amount, thereby reducing the Company's issued and
outstanding Warrants to 18,018,000, a reduction of 37.6% of the
total Warrants outstanding.
About LXR
LXRandCo is a socially responsible, digital-first omni-channel
retailer of authenticated pre-owned luxury handbags and personal
accessories. Since 2010, we have been providing consumers with
authenticated branded luxury products by promoting their reuse and
providing an environmentally responsible way for consumers to
purchase luxury products. We achieve this through our digital-first
strategy by selling directly to consumers through our website
at www.lxrco.com and indirectly, by powering the
e-commerce and other platforms of key channel partners. Our
omni-channel model is also supported by retail 'shop-in-shop'
experience centers and by wholesale activities with select retail
partners across North America.
SOURCE LXRandCo, Inc.