Ackroo Confirms Commencement Date for Normal Course Issuer Bid
Ackroo has received approval from the TSX Venture Exchange to proceed with its Normal Course Issuer Bid (NCIB), announced on June 17, 2024. The NCIB allows Ackroo to purchase up to 5,765,248 of its outstanding common shares over a 12-month period starting July 8, 2024, representing approximately 5% of its share capital. The company may not acquire more than 2% of the shares in any 30-day period. These purchases will take place on the open market at prevailing prices, and all acquired shares will be cancelled. The NCIB will be managed by Canaccord Genuity and funded from Ackroo's working capital. No company insiders are currently planning to sell shares to Ackroo under this program. Ackroo previously completed an NCIB on December 7, 2023, purchasing and canceling 6,068,681 shares.
- Approval for NCIB to repurchase up to 5,765,248 shares.
- Share buyback represents 5% of outstanding shares, potentially increasing share value.
- The company may not acquire more than 2% of shares in any 30-day period, limiting buyback flexibility.
HAMILTON, Ontario, July 02, 2024 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, announces that it has received approval from the TSX Venture Exchange (the “TSXV”) to proceed with its Normal Course Issuer Bid (“NCIB”) previously announced on June 17th, 2024. The NCIB will allow the Company to continue to purchase outstanding common shares of the Company (“Shares”).
Under the NCIB, the Company may acquire up to an aggregate of 5,765,248 Shares over the 12-month period commencing on July 8th, 2024, and ending on July 7th, 2025, representing approximately
Purchases subject to the NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will be returned to treasury and cancelled. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of the Company. The NCIB will be conducted through Canaccord Genuity Corp., a member of the TSXV, and made in accordance with the policies of the TSXV.
The funding for any purchases pursuant to the NCIB will be from the working capital of the Company. To the Company's knowledge, none of the officers, or other insiders of the Company, or any associates of such persons, or any associate of affiliates of the Company, has any present intention to sell any Shares to the Company pursuant to the NCIB. The Company previously completed an NCIB on December 7, 2023, in which it purchased and cancelled a total of 6,068,681 common shares.
A copy of the Company's notice with respect to the NCIB filed with the TSXV may be obtained, by any shareholder without charge, by contacting Steve Levely, Chief Executive Officer, by email at slevely@ackroo.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of the Shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ackroo
As an industry consolidator, Ackroo acquires, integrates and manages gift card, loyalty marketing, payment and point-of-sale solutions used by merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale. Ackroo’s acquisition of payment ISO’s affords Ackroo the ability to resell payment processing solutions to their growing merchant base through some of the world’s largest payment technology and service providers. As a third revenue stream Ackroo has acquired certain custom software products including hybrid management and point-of-sale solutions that help manage and optimize the general operations for niche industry’s including automotive dealers and more. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
Steve Levely
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
Email: slevely@ackroo.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the Company’s ability to raise enough capital to support the Company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FAQ
What is the start date for Ackroo's Normal Course Issuer Bid (NCIB)?
How many shares can Ackroo repurchase under the NCIB?
What is the duration of Ackroo's NCIB?
What percentage of shares can Ackroo buy back in a 30-day period under the NCIB?
Who will manage the purchases under Ackroo's NCIB?
