RE:TDWhen the IPO overallotment was exercised - roughly $247 million was raised by the company.
Before this SIB , the company had $167 million of cash even after a previous SIB of $31.5 million.
$198.5 million
MONTREAL and SAN FRANCISCO, July 12, 2023 (GLOBE NEWSWIRE) --
Coveo Solutions Inc. (“
Coveo” or the “
Company”) (TSX: CVO), a leader in AI platforms that transform digital experiences with intelligent search, recommendations, 1:1 personalization, and merchandising, announced today that it has taken up and paid for 3,706,194 of its subordinate voting shares (“
Shares”) (including certain multiple voting shares (“
Multiple Voting Shares”) on an as-converted basis) at a price of C$8.50 per Share under Coveo’s substantial issuer bid (the “
SIB”) to purchase for cancellation a number of its Shares for an aggregate purchase price not to exceed C$40 million. Coveo further announced today that its board of directors has authorized a normal course issuer bid (the “
NCIB”) to purchase for cancellation up to 2,559,247 Shares over the twelve-month period commencing on July 17, 2023 and ending no later than July 16, 2024.
So in the time since the IPO , Coveo seems to have had under $50 million in negative cash flow and tons of undeployed cash for 3 years come November.
When might they use the money ? And for what?