The following statement was issued by Pyrogenesis on November 18th.
Pyrogenesis closed at $4.58 that day. MONTREAL, Nov. 18, 2021 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://www.pyrogenesis.com/) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases, issues this press release in response to an inordinate number of investor inquiries relating to recent trading activity.
The Company prefers not to opine on stock price and trading activity, however, given the recent inquiries from investors, the Company confirms that everything material has been disclosed by the Company in either its press releases or financial reports. PyroGenesis further confirms that none of the contracts previously disclosed are at risk. Last, but not least, the Company wishes to reassure PyroGenesis’ investors that the Company remains on track with current and prospective projects.
Furthermore, the Company believes that the market price of the Company's common shares may not, from time to time, reflect the underlying value of the Company, particularly its growth opportunities. Accordingly, the Company is starting to purchase common shares under the existing Normal Course Issuer Bid (“NCIB”) and will report such purchases as required by regulators. The Company will not be obliged to provide further updates with respect to its continuation, or otherwise, under the NCIB. The Company believes that the proposed purchasing of its common shares is in the best interests of the Company and represents an appropriate use of corporate funds.
People don't realize that filing a normal course issuer bid is a formality.
It notifies regulators that the company may buy shares in the open market.
It doesn't oblige the company to buy any shares at all.
In this case it looks like a futile effort to shore up the stock.
It wouldn't appear the company has bought any yet, at least not aggressively.
The stock just traded at $3.97.
I hope Xebec doesn't feel the need to issue a similar statement.