PyroGenesis Canada (TSX: PYR) is looking to stop the slow bleed of its equity valuation. The firm this morning announced that it has been approved to conduct a normal course issuer bid, which is more commonly referred to as a stock buyback program.
Under the planned program, the company intends to buy up to 4.4% of its currently outstanding shares, equating to 7.5 million common shares of the issuer. The program is set to run from February 15, 2022 through to February 14, 2023. With 170.1 million shares outstanding, the company is eligible to repurchase up to 78,089 shares per day, based on its average daily volume of 312,357 shares traded.
The share buyback program is being conducted as a result of management believing that the underlying value of the company, “specifically its growth opportunities,” is not fully reflected in the current valuation.
Under the previous normal course issuer bid, the company purchase a total of 840,094 common shares under a program that permitted the repurchase of 5.0 million shares.
PyroGenesis last traded at $3.29 on the TSX.
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.
