Lexaria Bioscience Corp (OTCMKTS:LXRP) reported that it’s been quite a remarkable year for company stakeholders, the most productive and busiest they have had. The company welcomed several new shareholders and fans in 2017.
In mid-2016 Lexaria finances were in not so strong shape while balance sheet showed weak. The CEO made a promise to all stakeholders back then that company’s first priority was to confirm they could survive as an independent and strong firm. In October 2016 the company’s first patent was allowed by the US Patent and Trademark Office and that instance, which company had been focused on internally, quietly, for 2 years – transformed everything.
The company has raised well more than US$4 million in equity post then and closed off all its debt. They never stooped to finalize any toxic convertible finance agreements; not for an instance did they forget that their first priority is to their shareholders and their fiduciary and moral duties are to serve in the best interest of them.
Hence, when they closed a brokered private placement in the Spring of 2017 they did so at prices closer to a 52-week high as compared to a 52-week low. Lexaria management told shareholders repeatedly that, as the company did not want to go through any additional dilution, they would not close another financing in 2017, and they kept our word. Lexaria continued to remain disinterested in dilutive financings. It will merely consider strategic equity that offers more value to their shareholders over the monetary equivalent.
In the last trading session, the stock price of Lexaria Bioscience declined more than 9% to close the day at $1.77. The decline came at a share volume of 531,920 compared to average share volume of 358,087. Post the recent decline, the market cap of firm was noted at $135.4 million.