BioHarvest Sciences Authorizes 5% Share Repurchase Program
BioHarvest Sciences Inc. announced its Board of Directors has authorized a normal course issuer bid (NCIB) to repurchase up to 5% of its outstanding common shares, not exceeding 1,133,392 shares. The company believes its current market valuation does not fully reflect its underlying value and growth prospects, viewing the share repurchase as an advantageous allocation of capital. CEO Dr. Zaki Rakib stated the company has transformed into a technology-driven entity with a proprietary Botanical Synthesis platform, capable of developing multiple high-value molecules beyond its VINIA business, and believes the market has yet to recognize this transformation. Purchases will be made on the Nasdaq at prevailing market prices and all repurchased shares will be retired.
Key Highlights
- BioHarvest Sciences Inc. authorized a normal course issuer bid (NCIB) to repurchase up to 5% of its outstanding common shares.
- The maximum number of shares to be repurchased under the NCIB is 1,133,392.
- The NCIB will commence no earlier than 5 days after the announcement and will terminate within 12 months or upon reaching the maximum repurchase limit.
- Purchases will be made on the Nasdaq Stock Market at prevailing market prices.
- All repurchased shares will be retired.
Price Impact
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