XORTX shareholders approve share consolidation to meet NASDAQ rules

XORTX Therapeutics Inc. (NASDAQ: XRTX) shareholders approved a share consolidation at the company's annual meeting on March 24, 2026. The consolidation will combine up to five existing shares into one new share.

The Calgary-based pharmaceutical company said the consolidation aims to maintain compliance with NASDAQ's requirement that shares trade above $1.00. NASDAQ has set a condition for XORTX that its shares must trade above $1.00 for 10 days by April 13, 2026.

XORTX currently has 6,962,218 common shares outstanding. Following the consolidation, the company expects approximately 1,392,443 shares to remain outstanding, though the exact number will depend on how fractional shares are handled.

The board of directors has authorization to complete the consolidation when deemed in the company's best interests, but no later than one year from the meeting date. The consolidation requires approval from the TSX Venture Exchange before implementation.

Fractional shares resulting from the consolidation will be cancelled if less than one-half of a full share, or rounded up to the nearest whole number if greater than or equal to one-half of a full share.

The company will not change its name in connection with the consolidation. Once approved by the TSXV, shares will begin trading on a post-consolidation basis on a date to be announced.

XORTX develops therapies for gout and progressive kidney disease, with three clinical-stage programs in development including lead program XRx-026 for gout treatment.

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