Lexaria Bioscience Corp. (NASDAQ: LEXX) Shareholders Approve Board Appointments Amid Push for Diversity; Vote to Endorse 6 Agenda Items in 2023 Annual Shareholder Meeting

• Lexaria held its virtual 2023 Annual Shareholders meeting on May 9, 2023
• On the agenda were the election of six director nominees, the ratification of the appointment of the company’s independent registered public accounting firm, and the approval of a one-time repricing of specific issued stock options, among others
• All items presented received approval, with the highest approval percentage standing at 97.6% and the lowest at 63.1%
• The meeting presented an opportunity for Lexaria to evaluate areas of expertise that would provide additional benefits to the company and its shareholders while also adding diversity to its board

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, on May 9 held its 2023 Annual Shareholder Meeting, in which 3,372,024 shares, constituting 56.3% of the company’s issued share capital, were represented.

Carrying on with the theme of the previous year’s Annual Meeting, the virtual 2023 Annual Shareholder Meeting adhered to COVID-19 protocols, with provisions for shareholders to vote via proxy. Among the meeting’s agenda items included the election of Chris Bunka, John Docherty, Nicholas Baxter, Ted McKechnie, Albert Reese Jr., and Dr. Catherine Turkel as directors. Shareholders also voted on the appointment of Malone Bailey LLP as auditors, the approval of the stock option pricing, and the approval of the amendment to the maxim number of shares issuable according to the incentive Equity Plan (https://ibn.fm/hBkR3).

All items put to the vote were selected in favor of, with the highest approval percentage standing at 97.6% for the election of Dr. Catherine Turkel as director and the lowest standing at 63.1% for the approval of the addition of an evergreen formula to the Incentive Equity Plan. Percentages were calculated based on abstained votes being counted as a vote against the resolution.

Lexaria and its management expressed their support of recent initiatives the SEC and the Nasdaq Group took to encourage diversity within the board of directors of reporting companies. With the company reviewing its board composition annually, this meeting presented an opportunity to not only evaluate areas of expertise that would provide additional benefits to the company and its shareholders but also add to the diversity of its board. Lexaria hopes that with these appointments, it will further pursue its goal of leveraging technology in pharmaceutical applications. More so, it looks to make its patented DehydraTECH(TM) technology and offerings even more accessible to the masses (https://ibn.fm/vGqMH).

For more details, please visit Lexaria’s proxy statement filed with the Securities Exchange Commission via Edgar and with the BC Securities Commission and Ontario Securities Commission via SEDAR on March 22, 2023.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://ibn.fm/LEXX

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