Cipher Pharma arranges NCIB to buy back up to 10% float
2023-11-15 17:08 ET - News Release
An anonymous director reports
CIPHER PHARMACEUTICALS ANNOUNCES NORMAL COURSE ISSUER BID
Cipher Pharmaceuticals Inc. has filed, and the Toronto Stock Exchange has accepted, notice of Cipher's intention to commence a normal course issuer bid (NCIB) for its common shares.
The TSX notice provides that Cipher may, during the 12-month period commencing Nov. 20, 202, and ending on Nov. 19, 2024, purchase for cancellation under the NCIB up to 1,337,195 of its common shares, representing 10 per cent of its public float of 13,371,956 common shares as of Nov. 10, 2023 (a total of 24,022,338 common shares were issued and outstanding as of such date). The price which Cipher will pay for any common shares will be the market price at the time of acquisition.
Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems.
Purchases under the NCIB made on the TSX will be made in compliance with the rules of the TSX at a price equal to the market price at the time of purchase or such other price as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 4,317 common shares, which represents 25 per cent of the average daily trading volume on the TSX of 17,271 for the six months ended Oct. 31, 2023 (excluding any purchases made by C