AKRFF - Ackroo Announces Renewal of Normal Course Issuer Bid | Benzinga
HAMILTON, Ontario, June 17, 2024 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSXV:AKR, OTC:AKRFF) (the "Company"), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, announces that it has filed a renewal of its Normal Course Issuer Bid ("NCIB") with the TSX Venture Exchange (the "TSXV"), which will allow the Company to continue to purchase outstanding common shares of the Company ("Shares"). The renewal of the NCIB remains subject to the approval of the TSXV.
The Company plans to implement the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Company's business and its future prospects. Accordingly, the Company believes that having the ability to purchase the Shares will be in the best interest of the Company and represents an opportunity to enhance shareholder value.
Under the NCIB, if approved by the TSXV, the Company may acquire up to an aggregate of 5,765,248 Shares over the 12-month period commencing on June 17th, 2024, and ending on June 16th, 2025, representing approximately 5.0% of the outstanding share capital of the Company as of June 15th, 2024. Additionally, under the NCIB, the Company may not acquire more than 2.0% of the issued and outstanding Shares in any 30-day period.
Purchases subject to the NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will ...