LAFAYETTE, La., March 08, 2022 (GLOBE NEWSWIRE) -- Viemed Healthcare, Inc. (the “Company” or “Viemed”) (NASDAQ:VMD and TSX:VMD.TO), a home medical equipment supplier and the nation’s largest independent provider of ventilation that provides post-acute respiratory care services, today reported that its Board of Directors has authorized and approved a share repurchase program on Nasdaq.
Under the share repurchase program, Viemed may repurchase up to 1,984,014 common shares of the Company (the “Common Shares”) from time to time in accordance with applicable securities laws, representing approximately 5% of the total issued and outstanding Common Shares as of March 4, 2022.
The Company intends to repurchase Common Shares through open market purchases, block purchases or otherwise in accordance with applicable securities laws. Subject to certain exceptions for block purchases, daily purchases on Nasdaq will be limited to 25% of the average daily trading volume on Nasdaq for the four calendar weeks preceding the date of purchase.
“Based on the strength of our balance sheet and excess free cash flow, we believe we are well positioned to execute on this attractive opportunity to increase shareholder value while maintaining resources to fund our operations and continued growth,” said Casey Hoyt, Viemed CEO. “This program demonstrates our confidence in the Viemed business and our commitment to creating long term sustainable value for our shareholders.”
All Common Shares will be purchased through the facilities of Nasdaq, and payment for the Common Shares will be in accordance with applicable securities laws. The price paid for the Common Shares will be the market price at the time of purchase, plus applicable brokerage fees, or such other prices as may be permitted by applicable securities laws. There can be no assurance as to the precise number of Common Shares that will be repurchased under the program, if any. The Company may discontinue its purchases at any time, subject to compliance with applicable securities laws. The Common Shares purchased by the Company will be cancelled and returned to treasury.