XORTX Faces Nasdaq Minimum Bid Price Deficiency Notification

XORTX Therapeutics Inc. has received a notification from the Nasdaq Stock Market LLC indicating a deficiency regarding its minimum bid price requirement. The company, based in Calgary, Alberta, reported that its common shares have traded below the required US$1.00 for 30 consecutive business days. This notification stems from Nasdaq Rule 5550(a)(2), which mandates that listed shares maintain a minimum bid price of US$1.00 per share.

The notification does not currently impact XORTX’s listing on the Nasdaq Capital Market. Under Nasdaq Rule 5810(c)(3)(A), the company has a period of 180 calendar days from the date of notification to regain compliance with the minimum bid price requirement. During this time, XORTX shares will continue to trade on the Nasdaq.

Should the shares close at or above US$1.00 for at least 10 consecutive business days before the 180-day period concludes, and provided the company meets other listing requirements, Nasdaq will issue a notification confirming compliance. Notably, this situation does not affect XORTX’s compliance status on the TSX Venture Exchange.

In light of this development, XORTX plans to evaluate various options to address the deficiency and restore compliance with Nasdaq Rule 5550(a)(2). The company is focused on advancing its innovative therapies aimed at treating progressive kidney disease and gout.

XORTX Therapeutics is currently developing several products, including its lead program, XRx-026, targeting gout, and XRx-008 for autosomal dominant polycystic kidney disease (ADPKD). Additionally, the company is working on XRx-101 for acute kidney injury and XRx-225, a pre-clinical program for Type 2 diabetic nephropathy. These initiatives aim to improve the quality of life for patients suffering from these conditions.

For more information on XORTX and its products, interested parties can visit the company’s website at www.xortx.com.

While neither the TSX Venture Exchange nor Nasdaq has approved or disapproved the contents of this news release, it is essential to note that the information presented here is subject to various risks and uncertainties. The company has issued forward-looking statements regarding its beliefs, plans, and expectations, which may be influenced by numerous factors, including financing, regulatory compliance, and clinical trial outcomes.

Investors and stakeholders are encouraged to review the detailed risks outlined in XORTX’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission, available at www.sec.gov, as well as on Canadian regulatory websites.