XORTX Reprices Warrants Issued in Connection with Previous Private Placements

CALGARY, Alberta, April 30, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces that further to its press release of March 11, 2024, the Company has received TSX Venture Exchange approval to amend the terms of an aggregate of 1,024,099 outstanding common share purchase warrants (“Warrants”) by amending the exercise price to USD $5.00 per share as follows:

• 198,333 of the Warrants were issued pursuant to Private Placement that closed on February 9, 2021. The Warrants had an original exercise price of CAD $42.26 per share ($0.40 adjusted to reflect consolidations that occurred on September 20, 2021 and November 10, 2023). The TSXV has approved an amended exercise price of USD $5.00 (on a post-consolidation basis).

• 270,211 of the Warrants were issued pursuant to a Private Placement that closed on October 15, 2021. The Warrants had an original exercise price of USD $42.93 (CAD $53.10) per share (USD $4.77 adjusted to reflect the consolidation that occurred on November 10, 2023). The TSXV has approved an amended exercise price of USD $5.00 (on a post-consolidation basis).

• 555,555 of the Warrants were issued pursuant to a Private Placement that closed on October 7, 2022. The Warrants had an original exercise price of USD $10.98 (CAD $15.06) per share (USD $1.22 adjusted to reflect the consolidation that occurred on November 10, 2023). The TSXV has approved an amended exercise price of USD $5.00 (on a post-consolidation basis).
  

New Warrant Acceleration Provision

If the volume weighted average price for the Company’s common shares on TSXV is greater than USD $6.50 (approximately CAD $8.7562) per common share for a period of ten (10) consecutive trading days, then the Company may give notice to the Holders of the Warrant by way of a news release (the "Notice") notifying such Holder that the Warrants must be exercised within thirty (30) calendar days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Calgary time) on the 30th day after the date of delivery of the Notice (the “Forced Conversion Right”). Notwithstanding anything herein to the contrary, the Forced Conversion Right shall only be available to the Company on or after such time in which such forced exercise of the Warrants will result in the issuance of Free Trading Shares to the Holder.