WELL Health Enters into Automatic Share Purchase Plan

Rhea-AI Summary

WELL Health Technologies has announced an automatic share purchase plan (ASPP) to repurchase its common shares under a normal course issuer bid (NCIB) approved by the Toronto Stock Exchange (TSX). The plan, running from June 10, 2024, to June 9, 2025, allows WELL to repurchase up to 6,154,501 shares, approximately 2.5% of its 246,180,060 outstanding shares as of May 31, 2024. A broker will facilitate share purchases during blackout periods, based on parameters set by WELL. The ASPP complies with Canadian securities laws.

Positive

• WELL Health's ASPP signals confidence in the company's value, potentially boosting investor sentiment.
• The ability to repurchase up to 2.5% of outstanding shares can positively impact share price and earnings per share.
• The TSX approval shows regulatory confidence in WELL Health's financial practices.

Negative

• The share repurchase plan may indicate that WELL Health has growth opportunities to invest in.
• Repurchasing shares might lead to reduced cash reserves, impacting financial flexibility.

VANCOUVER, BC, June 7, 2024 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the "Company" or "WELL"), a company focused on positively impacting health outcomes by leveraging technology to empower practitioners and their patients globally, announced today that it has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of the Company's common shares ("Common Shares") under its previously announced normal course issuer bid ("NCIB"). 

WELL previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to, during the 12-month period commencing June 10, 2024 and terminating June 9, 2025, purchase up to 6,154,501 Common Shares, representing approximately 2.5% of the 246,180,060 Common Shares issued and outstanding as of May 31, 2024, by way of a NCIB on the TSX or through Canadian alternative trading systems or by such other means as may be permitted under applicable law.

During the effective period of WELL's ASPP, WELL's broker may purchase Common Shares at times when WELL would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by WELL's broker based upon parameters set by WELL when it is not in possession of any undisclosed material information about itself and its securities, and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, Common Shares may continue to be purchased in accordance with WELL's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.

WELL HEALTH TECHNOLOGIES CORP.

Per:    "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 36,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 175 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about WELL, please visit: www.well.company.  

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SOURCE WELL Health Technologies Corp.

FAQ

What is the duration of WELL Health's automatic share purchase plan (ASPP)?

The ASPP is effective from June 10, 2024, to June 9, 2025.

How many shares can WELL Health repurchase under the normal course issuer bid (NCIB)?

WELL Health can repurchase up to 6,154,501 common shares.

What percentage of WELL Health's outstanding shares does the share repurchase plan cover?

The plan covers approximately 2.5% of WELL Health's 246,180,060 outstanding shares as of May 31, 2024.

How will WELL Health's broker facilitate share repurchases during blackout periods?

The broker will purchase shares based on parameters set by WELL when it’s not in possession of undisclosed material information.

What approval did WELL Health receive for its normal course issuer bid (NCIB)?

WELL Health received approval from the Toronto Stock Exchange (TSX).