Intention to File a Notice of Intention to Make a NCIB NEW YORK, NY / ACCESSWIRE / October 4, 2021 / Engine Media Holdings, Inc. ("Engine" or the "Company") (NASDAQ:GAME)(TSXV:GAME), an esports/sports gaming and next-generation media solutions company, announces that it intends to file with the TSX Venture Exchange (the "TSXV") a Notice of Intention to Make a Normal Course Issuer Bid, which will allow the Company to purchase outstanding Company common shares. The implementation of the NCIB remains subject to the approval of the TSXV.
The NCIB will become effective three trading days following receipt of TSXV approval and will remain in effect until the earlier of (i) the date that is 12 months following commencement of the NCIB, (ii) the date on which the Company acquires the maximum number of common shares permitted under the NCIB, or (iii) the date upon which the Company provides written notice of termination of the NCIB to the TSXV.
The Company intends to engage Canaccord Genuity as its broker for the NCIB. Share purchases under the NCIB will be conducted through the facilities of the TSXV, and purchases of common shares will be made in accordance with the applicable policies of the TSXV at the prevailing market price of such common shares at the time of purchase. All common shares acquired by the Company under the NCIB will be cancelled.
The Company plans to implement the NCIB because it believes that, from time to time, the market price of its common 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 its common shares will be in the interest of the Company and represents an opportunity to enhance shareholder value.
To the Company's knowledge, none of the officers, directors or insiders of the Company, or any associate of such person, or any associate of affiliate of the Company, has any present intention to sell any securities to the Company pursuant to the NCIB. The Company has not previously purchased for cancellation any of its outstanding common shares.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of the common stock in the public offering described above in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
https://www.accesswire.com/666639/Engine-Media-Announces-Intention-to-File-a-Notice-of-Intention-to-Make-a-Normal-Course-Issuer-Bid