Gamehost Inc. (TSX: GH) shared today the company’s plans to make a normal course issuer bid to buy back its outstanding common shares. The gaming firm relayed this morning the acceptance of its intention notice by the Toronto Stock Exchange.
The company intends to purchase for cancellation up to a maximum of 1,151,417 common shares. This constitutes 5% of its total 23,028,348 issued and outstanding shares as of July 7, 2021. The bid will follow the prevailing market share price at the time of the purchase.
Gamehost’s program is expected to run from July 21, 2021 to July 20, 2022. The company relayed that it is conducting the bid due to the market price not fully reflecting the value of the company’s shares.
The firm conducted a similar bid to purchase up to 1,528,392 common shares between July 21, 2020 and July 20, 2021, where it was able to buy back 916,165 shares at a weighted average price of $6.04 per share.
Gamehost last traded at $8.10 on the TSX.
Information for this briefing was found via Sedar and Gamehost. 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.