DeFi Technologies (NEO: DEFI) has begun a share buyback program. The company this morning announced the launch of a normal course issuer bid, with the program to be facilitated by PI Financial Corp.
Under the terms of the NCIB, the company is eligible to repurchase up to 9.7% of the outstanding shares, which equates to 18,162,177 common shares as of April 9. The program is set to run from April 13, 2021 through to April 8, 2022.
Daily purchases are not to exceed 25% of the average daily trading volume of the equity. The actual amount of shares to be purchased under the program is at the discretion of the company, to the maximum of the eligible figure.
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The program has been enacted as a result of management believing that the current valuation of the company is not fully reflecting the underlying value of the firms operations. The share buyback program notably follows last months $10 million private placement that was conducted at a price of $2.00 per share and saw 5.0 million common shares issued.
DeFi Technologies last traded at $1.80 on the Neo Exchange.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
