WonderFi Announces Buyback of up to 7,935,883 Shares
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2022) - WonderFi Technologies Inc. (NEO: WNDR) (OTC PINK: WONDF) (WKN: A3C166) (FTX:WNDR) (the "
Company" or "
WonderFi"), a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms, is pleased to announce it has filed a
Notice of Normal Course Issuer Bid (the "
Share Buyback Program") with the NEO Exchange which has been accepted for the purchase of up to 10% of the public float of its common shares (the "
Shares").
Management and the board of directors of the Company believe that the current market price of the Shares does not adequately reflect their value based on market comparables, and that the purchase of Shares under the Share Buyback Program is in the best interests of the Company. The Company believes the Share Buyback Program is a desirable use of its available cash and will enhance shareholder value in general.
Pursuant to the Share Buyback Program, WonderFi may purchase up to a maximum of 7,935,883 Shares, representing approximately 10% of its public float of Shares as at the date hereof, subject to the normal terms and limitations of such bids. In accordance with NEO Exchange rules, daily purchases (other than pursuant to a block purchase exemption) on the NEO Exchange under the Share Buyback Program cannot exceed the greater of 25% of the average daily trading volume on the NEO Exchange or 1,000 Shares.
The actual number of Shares that will be purchased under the Share Buyback Program, if any, and the timing of such purchases will be determined by the Company, from time to time. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of the Shares, regulatory requirements and other corporate considerations. Purchases under the Share Buyback Program may be made through open market transactions on the NEO Exchange and/or any Canadian alternative trading systems on which the Shares are traded, based on the prevailing market price. Any Shares purchased under the Share Buyback Program will be cancelled.
The Company intends to appoint Canaccord Genuity Corp. ("Canaccord") as the broker through which the Company will conduct purchases under the Share Buyback Program, which purchases will be completed pursuant to the policies of the NEO Exchange. The Company and Canaccord intend on entering into a dealer agreement outlining the terms upon which the Share Buyback Program will be conducted. The price that the Company will pay for the Shares purchased under the Share Buyback Program, if any, will be the prevailing market price of such Shares at the time of the applicable purchases.
Pursuant to the NEO Exchange rules, the period during which the Company will be authorized to make purchases under the Share Buyback Program will commence two trading days after the date hereof, on February 22, 2022, and end the earlier of (i) February 22, 2023 or (ii) such earlier date on which the maximum number of Shares are purchased under the Share Buyback Program. The Company has not purchased any Shares during the previous year pursuant to any issuer bid. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any Shares under the Share Buyback Program
https://finance.yahoo.com/news/wonderfi-announces-buyback-7-935-130000119.html