Business
Adcore Announces Renewal of Normal Course Issuer Bid
TORONTO, ON / ACCESSWIRE / May 17, 2023 / Adcore Inc. (the " Company " or " Adcore ") (TSX:ADCO)...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Announces Renewal of Normal Course Issuer BidTORONTO, ON / ACCESSWIRE / May 17, 2023 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way (\"Effortless Marketing\"), today announced that the Toronto Stock Exchange (\"TSX\") has approved the renewal of the Company's normal course issuer bid (the \"NCIB\").The Company reviews all elements of its capital allocation strategy on an ongoing basis. The Company believes that the market price of its common shares (\"Shares\") may not, from time to time, fully reflect their value and accordingly, the purchase of Shares would be in the best interests of the Company and its shareholders and represents an attractive and appropriate use of available funds.Pursuant to the NCIB, Adcore may purchase up to 3,024,452 of its Shares, representing approximately 5% of its issued and outstanding Shares of 60,489,043 as at May 1, 2023. The NCIB will be conducted during the twelve-month period commencing May 19, 2023 and ending May 18, 2024.Under the NCIB, other than purchases made under block purchase exemptions, Adcore may purchase up to 2,160 Shares on the TSX during any trading day, which represents approximately 25% of 8,640, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. Any Shares purchased under the normal course issuer bid will be cancelled.Adcore previously maintained a normal course issuer bid for the twelve-month period commencing on May 18, 2022 and ending on May 17, 2023 (the \"2022 NCIB\"), under which Adcore sought and received approval from the TSX to purchase up to 3,188,475 Shares. As of May 1, 2023, Adcore has purchased 1,454,500 Shares under the 2022 NCIB at a weighted average purchase price of $0.2735 per Share through the facilities of the TSX and alternative Canadian trading systems. In addition, Adcore has purchased 2,171,400 Shares from a former executive officer of the Company at a purchase price of $0.20 per Share. In the aggregate, Adcore has purchased a total amount of 3,625,900 Shares in the past twelve months.Although the Company intends to purchase Shares under its normal c...