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Mainstreet Equity Corp. Announces Normal Course Issuer Bid
Mainstreet Equity Corp. (“Mainstreet” or the “Corporation”) (TSX:MEQ)...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"Mainstreet Equity Corp. Announces Normal Course Issuer Bid\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Mainstreet Equity Corp. (“Mainstreet” or the “Corporation”) (TSX:MEQ) today announced that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation (“Shares”) on the open market in accordance with the rules of the TSX.\n \n\n The Corporation is authorized to purchase up to 475,359 Shares under the normal course issuer bid, representing approximately 10% of its public float of issued and outstanding Shares, as of May 30, 2025. As of that date, there were 9,318,818 Shares issued and outstanding. The average daily trading volume of the Shares for the past six months ended April 30, 2025, calculated in accordance with the rules of the TSX, was 4,082 and Mainstreet is subject to a daily repurchase limit of 1,020 Shares. Mainstreet intends to commence the normal course issuer bid on June 3, 2025 and terminate the bid on June 2, 2026 or such earlier time as the bid is completed or terminated at the option of Mainstreet.\n \n\n All shares purchased under this bid will be purchased in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled.\n \n\n Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. During the period between June 3, 2024 and the date hereof, Mainstreet repurchased Nil Shares under its previous normal course issuer bid. Mainstreet had approval from the TSX to acquire up to 475,229 Shares under such previous normal course issuer bid.\n \n\n Mainstreet’s Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the Board of Directors believe that the purchase of Shares for cancellation pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders, as the cancellation of the Shares will increase the value of the remai...