Lexaria Announces 2022 Annual Meeting Results

Rhea-AI Summary

Lexaria Bioscience Corp. held its 2022 Annual Meeting on May 31, with 49.2% of shares represented. Key voting results included:

• Chris Bunka elected with 97.15% approval
• John Docherty elected with 87.25% approval
• Nicholas Baxter elected with 84.5% approval
• Ted McKechnie elected with 96.1% approval
• Albert Reese Jr. elected with 96.56% approval
• Davidson & Company LLP appointed as auditors with 98.77% approval
• Non-binding compensation approval for executives at 93.52%
• Directors' past actions ratified at 91.1%

Positive

• A significant majority of shareholders participated in the meeting, indicating strong shareholder engagement.
• All director elections received over 84% approval, reflecting confidence in the leadership.
• Appointment of auditors was overwhelmingly supported (98.77% approval), which may enhance investor confidence.
• Approval of executive compensation suggests alignment with shareholder interests.

Negative

• None.

KELOWNA, BC / ACCESSWIRE / June 1, 2022 / Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW) (the "Company" or "Lexaria"), a global innovator in drug delivery platforms announces the results of the 2022 Annual Meeting (the "Meeting").

On May 31, 2022 at 1:00 p.m. (Pacific Time), the Company held the Meeting whereby there were 2,927,321 shares of the Company represented in person or by proxy at the meeting, constituting 49.2% of the Company's issued share capital as at April 4, 2022, being the record date of the Meeting. The matters voted upon at the Meeting and the final voting results are set forth below:

Matter Being Voted On	For	Against/ Withheld	Abstain	Broker Non-Vote	Percent Approved By1
To Elect Chris Bunka as a director	1,708,178	49,986	0	1,169,157	97.15%
To Elect John Docherty as a director	1,533,997	224,167	0	1,169,157	87.25%
To Elect Nicholas Baxter as a director	1,485,669	272,495	0	1,169,157	84.5%
To Elect Ted McKechnie as a director	1,689,378	68,786	0	1,169,157	96.1%
To Elect Albert Reese Jr. as a director	1,697,646	60,518	0	1,169,157	96.56%
To Appoint Davidson & Company LLP as Auditors	2,891,381	13,634	22,306	0	98.77%
To Approve, on an advisory non-binding basis, the compensation paid to the executive officers in the 2021 fiscal year	1,644,229	86,673	27,262	1,169,157	93.52%
To ratify the lawful actions of the directors for the past year	1,601,239	126,568	30,357	1,169,157	91.1%

¹ Percentage is calculated based on abstained votes being counted as a vote against the resolution

All of the proposals are described in detail in the Company's proxy statement filed with the Securities Exchange Commission via Edgar and with the BC Securities Commission and Ontario Securities Commission via SEDAR on April 13, 2022.

About Lexaria Bioscience Corp.

Lexaria Bioscience Corp.'s patented drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 25 patents granted and over 50 patents pending worldwide. For more information, please visit www.lexariabioscience.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company's ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company's ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company's public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria's postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

INVESTOR CONTACT:

George Jurcic - Head of Investor Relations
ir@lexariabioscience.com
Phone: 250-765-6424, ext 202

SOURCE: Lexaria Bioscience Corp.

View source version on accesswire.com:
https://www.accesswire.com/703491/Lexaria-Announces-2022-Annual-Meeting-Results

FAQ

What were the results of Lexaria's 2022 Annual Meeting?

Lexaria's 2022 Annual Meeting yielded strong support for director elections, with all receiving over 84% approval. The appointment of auditors also received high approval at 98.77%.

How many shares were represented during Lexaria's Annual Meeting?

A total of 2,927,321 shares, constituting 49.2% of the issued share capital, were represented at Lexaria's Annual Meeting.

What was the approval percentage for Chris Bunka's election as a director?

Chris Bunka was elected with an approval rating of 97.15% at Lexaria's Annual Meeting.

Who were elected as directors at Lexaria's 2022 Annual Meeting?

The directors elected at Lexaria's 2022 Annual Meeting include Chris Bunka, John Docherty, Nicholas Baxter, Ted McKechnie, and Albert Reese Jr.

What is the stock symbol for Lexaria Bioscience Corp.?

The stock symbols for Lexaria Bioscience Corp. are LEXX and LEXXW.