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Cipher Pharmaceuticals Announces Intention to Commence Substantial Issuer Bid, Aggregate Price up to $6 Million Canadian Dollars
Cipher Pharmaceuticals Announces Intention to Commence Substantial Issuer Bid, Aggregate Price up...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n \n \n \n Cipher Pharmaceuticals Announces Intention to Commence Substantial Issuer Bid, Aggregate Price up to $6 Million Canadian Dollars\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Sept. 5, 2023\n \n \n /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) (\"\n \n Cipher\n \n \" or \"\n \n the Company\n \n \"), is announcing its intention to commence a substantial issuer bid (the \"\n \n Offer\n \n \" or \"\n \n SIB\n \n \") pursuant to which the Company will offer to purchase for cancellation up to\n \n $6,000,000\n \n of its outstanding common shares (the \"\n \n Common\n \n \n Shares\n \n \"). The Offer commences on\n \n September 6, 2023\n \n and will expire on\n \n October 11, 2023\n \n , unless extended, varied or withdrawn.\n \n \n The Offer is being made by way of a \"modified Dutch auction\", which will allow shareholders who choose to participate in the Offer to individually select the price, within a range of not less than\n \n $3.95\n \n per Common Share and not more than\n \n $4.75\n \n per Common Share (in increments of\n \n $0.05\n \n per Common Share), at which they are willing to sell their Common Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than\n \n $4.75\n \n per Common Share and not less than\n \n $3.95\n \n per Common Share) (the \"\n \n Purchase Price\n \n \") that will allow it to purchase the maximum number of Common Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding\n \n $6,000,000\n \n .\n \n \n The Board of Directors of Cipher (the \"\n \n Board\n \n \") believes that the SIB is in the best interests of our Shareholders and the Company given, among other things, its significant level of interest generating cash on hand, and future access to financing with a $35 million revolving credit facility, both expected to drive the Company's future growth plans. Considering the Company's broad product pipeline and the present day market opp...