SNDL Inc. announced that its board of directors approved the renewal of its share repurchase program upon the expiry of its current share repurchase program on Nov. 20, 2024. The share repurchase program authorizes the company to repurchase up to C$100 million of its outstanding common shares from time to time at prevailing market prices, enabling SNDL to opportunistically return value to shareholders.
Pursuant to the share repurchase program, SNDL may purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, derivatives, accelerated or other structured share repurchase programs, or other means. The manner, timing, pricing and amount of any transactions will be subject to the discretion of SNDL and may be based upon market conditions, regulatory requirements and alternative opportunities that SNDL may have for the use or investment of its capital.
Notwithstanding the share repurchase amount, SNDL may only repurchase a maximum of approximately 13.2 million shares under the share repurchase program, representing 5% of the issued and outstanding shares when the share purchase program commences. Subject to the foregoing limitations, the share repurchase program will commence on Nov. 21, 2024, and expire on Nov. 20, 2025. The share repurchase program does not obligate the company to repurchase any minimum number of shares and repurchases may be suspended or terminated at any time at the company’s discretion.
The company will determine the actual number of shares that may be repurchased pursuant to the share repurchase program and the timing of any repurchases.
The price that the company will pay for any such shares will be the prevailing market price at the time of repurchase, subject to certain limitations imposed by applicable securities laws. All shares repurchased pursuant to the share repurchase program will be returned to treasury for cancellation, and all such repurchases will be made on the open market through the facilities of Nasdaq or by such other means as may be permitted under applicable securities laws during the term of the share repurchase program.
Under the company’s current share repurchase program, which commenced on Nov. 21, 2023, the company previously sought to repurchase up to C$100 million or 13.1 million shares. As of Nov. 14, 2024, the company had repurchased an aggregate of 727,829 shares for cancellation under its current share repurchase program at a weighted average price of approximately US$1.97 per share.
H/T: www.cannabisbusinesstimes.com
You can view the whole article at this link SNDL Renews Share Repurchase Program for C$100 million
