{"id":789877,"date":"2023-10-12T08:01:05","date_gmt":"2023-10-12T12:01:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution\/"},"modified":"2023-10-12T08:01:05","modified_gmt":"2023-10-12T12:01:05","slug":"xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution\/","title":{"rendered":"XORTX Reports that Independent Proxy Firm, ISS, Recommends Shareholders Vote for\u00a0the Share Consolidation Resolution"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li style=\"text-align:justify\">ISS, a leading proxy advisory firm, recommends XORTX Therapeutics Inc.\u2019s shareholders vote FOR the share consolidation resolution, stating that approving the share consolidation will \u201cenhance the long-term growth prospects of the Company by broadening its financing alternatives.\u201d\n<\/li>\n<li style=\"text-align:justify\">Shareholders who have questions or need assistance with voting their shares voting should contact XORTX\u2019s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at <a href=\"mailto:assistance@laurelhill.com\" rel=\"nofollow noopener\" target=\"_blank\">assistance@laurelhill.com<\/a>.<\/li>\n<\/ul>\n<p align=\"justify\">CALGARY,\u00a0Alberta, Oct.  12, 2023  (GLOBE NEWSWIRE) &#8212; XORTX Therapeutics Inc. (&#8220;<strong>XORTX<\/strong>&#8221; or the \u201c<strong>Company<\/strong>\u201d) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce that Institutional Shareholder Services Inc. (\u201c<strong>ISS<\/strong>\u201d) has recommended that the Company\u2019s shareholders vote FOR the proposed share consolidation resolution at XORTX\u2019s special meeting of shareholders scheduled to be held at 3710 \u2013 33<sup>rd<\/sup> Avenue NW, Calgary, Alberta, Canada T2L 2M1 at 10:00 a.m. (Calgary time), on Wednesday, October 25, 2023.<\/p>\n<p align=\"justify\">Dr. Allen Davidoff, CEO and XORTX, stated, &#8220;Management and the Board of Directors wish to clear up any ambiguities that may have arisen from the Information Circular and recent press release regarding the upcoming special meeting of shareholders that seeks shareholder approval to consolidate the Company\u2019s shares. For clarification, the special meeting of shareholders seeks approval for a consolidation of the Company\u2019s shares in a range from 0 to 9:1 which is one option available to the Company to maintain good standing and remain in compliance with NASDAQ\u2019s $1 USD minimum bid price requirement. Approval to consolidate does not mean this is an irreversible process even after shareholder approval, as Management and the Board of Directors can decide to not proceed with the consolidation. For example, if XORTX shares were to trade at greater than $1 USD for more than 10 days, it would not be necessary to complete the reverse split. While it is not the preference of Management and the Board of Directors to consolidate the Company\u2019s shares, we remain committed to bringing XORTX into NASDAQ compliance as soon as possible.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Positive ISS Recommendation<\/strong>\n      <\/p>\n<p align=\"justify\">In reaching its conclusion that the Company\u2019s shareholders should vote FOR the share consolidation resolution, ISS noted:<\/p>\n<p align=\"justify\">\n        <em>\u201cStock consolidations \u2026 should enhance the long-term growth prospects of the company by broadening its financing alternatives. Continued low trading prices of the company&#8217;s shares can put them below investment grade for many institutions, non-compliance with listing exchange requirements, and limiting the potential capital base for the company and its prospects for raising new capital as needed. As such, support for this resolution is warranted.\u201d<\/em>\n      <\/p>\n<p align=\"justify\">\n        <strong>Benefits of the Share Consolidation<\/strong>\n      <\/p>\n<p align=\"justify\">It is the position of XORTX\u2019 board of directors that the share consolidation is in the best interests of the Company, its shareholders, and other stakeholders and that the benefits of the share consolidation could include:<\/p>\n<p align=\"justify\">\n        <em>Compliance with Minimum Bid Price Requirement for Continued Listing on Nasdaq<\/em>: The Share Consolidation is expected to result in the Company regaining compliance to maintain its listing on Nasdaq, a U.S. based stock exchange that provides greater access to capital.<\/p>\n<p align=\"justify\">\n        <em>Anticipated Higher Share Price<\/em>: The Share Consolidation is expected to result in the trading price of the Company\u2019s common shares increasing to reflect the consolidation ratio. A higher price per share would place the Company\u2019s common shares at a level that is more typical of shares of other widely-owned publicly traded companies that are in XORTX\u2019s peer group of companies.<\/p>\n<p align=\"justify\">\n        <em>Increased Investor Interest<\/em>: A higher post-consolidation price of XORTX\u2019 common shares could increase investor interest in the Company as a higher price per share may qualify the common shares for certain institutional investors and investment funds that otherwise may be prevented under their investing mandates or guidelines from investing in the Company\u2019s common shares at the current price. Also, a smaller number of common shares trading at a higher price may make the Company more attractive to other new investors and could further enhance the value of the common shares held by current shareholders.<\/p>\n<p>\n        <strong>The Board of Directors and management of XORTX recommend shareholders vote FOR the Share Consolidation resolution.<\/strong>\n      <\/p>\n<p>\n        <strong>Shareholder Questions<\/strong><br \/>\n        \n      <\/p>\n<p>Questions or request for voting assistance may be directed to XORTX proxy solicitation agent:<\/p>\n<p>\n        <strong>Laurel Hill Advisory Group<\/strong><br \/>\n        <br \/>North America Toll Free: 1-877-452-7184<br \/>Collect Calls Outside North America: 1-416-304-0211<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=__4wvGwdRJF0DfPmqse7mGUVyuMQNoCv7RxmRtFMO2-c72GskcE1QadR3VJTktE8mid_buupCiM09i9NWgZ9ltxHPrYzXk6w0To6Uol03hVz9EQQ74vQ497hHkI4x4a9\" rel=\"nofollow noopener\" target=\"_blank\">assistance@laurelhill.com<\/a>.<\/p>\n<p>\n        <strong>About XORTX Therapeutics Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">XORTX is a pharmaceutical company with two clinically advanced products in development: 1) our lead, XRx-008 program for ADPKD; and 2) our secondary program in XRx-101 for acute kidney and other acute organ injury associated with Respiratory Viral infection. In addition, XRx-225 is a pre-clinical stage program for Type 2 Diabetic Nephropathy. XORTX is working to advance its clinical development stage products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, we are dedicated to developing medications to improve the quality of life and future health of patients with kidney disease. Additional information on XORTX is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=kYf7gq_IPrStAoE867TdydP6f0klVu0mcl_oWGEc-bhDCJWO0wAWl4OPcTttaReB7_mKB9C8y2zp2CoyDZOU7w==\" rel=\"nofollow noopener\" target=\"_blank\">www.xortx.com<\/a>.<\/p>\n<p>For more information, please contact:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:50%;width:50%;min-width:50%\">Allen Davidoff, CEO<\/td>\n<td style=\"max-width:50%;width:50%;min-width:50%\">Nick Rigopulos, Director of Communications<\/td>\n<\/tr>\n<tr>\n<td>\n            <a href=\"mailto:adavidoff@xortx.com\" rel=\"nofollow noopener\" target=\"_blank\">adavidoff@xortx.com<\/a> or +1 403 455 7727\u00a0<\/td>\n<td>\n            <a href=\"mailto:nick@alpineequityadv.com\" rel=\"nofollow noopener\" target=\"_blank\">nick@alpineequityadv.com<\/a>\u00a0or +1 617 901 0785<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Media Inquiries, OIipriya Das, PhD, MSc<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n            <a href=\"mailto:olipriya.das@%20russopartnersllc.com\" rel=\"nofollow noopener\" target=\"_blank\">olipriya.das@russopartnersllc.com<\/a> or +1 409 365 3641<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>Neither the TSX Venture Exchange nor Nasdaq has approved or disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.<\/em><br \/>\n        \n      <\/p>\n<p>\n        <strong>Forward Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of XORTX only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, XORTX undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting XORTX is contained under the heading \u201cRisk Factors\u201d in XORTX\u2019s Registration Statement on Form F-1 filed with the SEC, which is available on the SEC&#8217;s website, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=G0S42uYT1tgF0JgIRzHf9VcUIjKuBJSRrcQmnOs2lCMZOHYwRov4vXrHPybGjCEGvLlUgxdZzEquMQK9VoW4cQ==\" rel=\"nofollow noopener\" target=\"_blank\">www.sec.gov<\/a> (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada, which are available on <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=G0S42uYT1tgF0JgIRzHf9ZY2iey7uwwDaL-m4L2XPVBJF9rbrFb_I8oHK6VZr4Pnb6nTR-g--3lo3dLrN1WLqw==\" rel=\"nofollow noopener\" target=\"_blank\">www.sedarplus.ca<\/a>.\u00a0<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODk0ODAzMiM1ODY5NDcxIzIwOTcyNzk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ODg0YjlkZGUtOWUyNy00NTIyLWFmMTUtMWYwNDRkYzA1MjA5LTExMDg4NTA=\/tiny\/XORTX-Therapeutics-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ISS, a leading proxy advisory firm, recommends XORTX Therapeutics Inc.\u2019s shareholders vote FOR the share consolidation resolution, stating that approving the share consolidation will \u201cenhance the long-term growth prospects of the Company by broadening its financing alternatives.\u201d Shareholders who have questions or need assistance with voting their shares voting should contact XORTX\u2019s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. CALGARY,\u00a0Alberta, Oct. 12, 2023 (GLOBE NEWSWIRE) &#8212; XORTX Therapeutics Inc. (&#8220;XORTX&#8221; or the \u201cCompany\u201d) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce that Institutional Shareholder Services Inc. (\u201cISS\u201d) has recommended &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;XORTX Reports that Independent Proxy Firm, ISS, Recommends Shareholders Vote for\u00a0the Share Consolidation Resolution&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-789877","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>XORTX Reports that Independent Proxy Firm, ISS, Recommends Shareholders Vote for\u00a0the Share Consolidation Resolution - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XORTX Reports that Independent Proxy Firm, ISS, Recommends Shareholders Vote for\u00a0the Share Consolidation Resolution - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ISS, a leading proxy advisory firm, recommends XORTX Therapeutics Inc.\u2019s shareholders vote FOR the share consolidation resolution, stating that approving the share consolidation will \u201cenhance the long-term growth prospects of the Company by broadening its financing alternatives.\u201d Shareholders who have questions or need assistance with voting their shares voting should contact XORTX\u2019s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. CALGARY,\u00a0Alberta, Oct. 12, 2023 (GLOBE NEWSWIRE) &#8212; XORTX Therapeutics Inc. (&#8220;XORTX&#8221; or the \u201cCompany\u201d) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce that Institutional Shareholder Services Inc. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/xortx-reports-that-independent-proxy-firm-iss-recommends-shareholders-vote-for-the-share-consolidation-resolution\/","og_locale":"en_US","og_type":"article","og_title":"XORTX Reports that Independent Proxy Firm, ISS, Recommends Shareholders Vote for\u00a0the Share Consolidation Resolution - Market Newsdesk","og_description":"ISS, a leading proxy advisory firm, recommends XORTX Therapeutics Inc.\u2019s shareholders vote FOR the share consolidation resolution, stating that approving the share consolidation will \u201cenhance the long-term growth prospects of the Company by broadening its financing alternatives.\u201d Shareholders who have questions or need assistance with voting their shares voting should contact XORTX\u2019s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. CALGARY,\u00a0Alberta, Oct. 12, 2023 (GLOBE NEWSWIRE) &#8212; XORTX Therapeutics Inc. (&#8220;XORTX&#8221; or the \u201cCompany\u201d) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce that Institutional Shareholder Services Inc. 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