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D2L Inc. Announces Preliminary Results of Substantial Issuer Bid
D2L Inc. (TSX: DTOL) ("D2L" or the "Company"), a global learning technology company, today announced the preliminary results of its substantial issuer bid (the "SIB"), pursuant to which the Company offered to purchase for cancellation up to C$20,000,000 million of its Subordinate Voting Shares ("SV Shares") at a purchase price of not less than $10.50 and not more than $11.50 per SV Share. The SIB expired at 5:00 p.m. (Toronto time) on July 17, 2026.
About this update from D2l, Inc.
TORONTO, July 20, 2026 /CNW/ -- D2L Inc. (TSX: DTOL) ("D2L" or the "Company"), a global learning technology company, today announced the preliminary results of its substantial issuer bid (the "SIB"), pursuant to which the Company offered to purchase for cancellation up to C$20,000,000 million of its Subordinate Voting Shares ("SV Shares") at a purchase price of not less than $10.50 and not more than $11.50 per SV Share. The SIB expired at 5:00 p.m. (Toronto time) on July 17, 2026. Preliminary Results of the SIB In accordance with the terms and conditions of the SIB and based on the preliminary calculation of Computershare Investor Services Inc., as depositary for the SIB, D2L expects to take up and pay for approximately 1,904,761 SV Shares at a purchase price of $10.50 per SV Share (the "Purchase Price"), representing an aggregate purchase price of approximately $20,000,000 and approximately 7.0% of the total number of D2L's issued and outstanding SV Shares before giving effect to the SIB and on a non-diluted basis. Based on the Depositary's preliminary calculation, 4,613,209 SV Shares were validly tendered and not withdrawn, including pursuant to proportionate tenders. None of D2L's directors or executive officers participated in the SIB. Since the SIB was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders will have the number of SV Shares purchased prorated following determination of the final results of the SIB (other than odd lot tenders, which are not subject to proration). D2L currently expects that such shareholders will have approximately 48.7% of their successfully tendered SV Shares purchased by the Company. Shareholders who made valid proportionate tenders will have such number of SV Shares purchased by D2L as would permit them to maintain their proportionate ownership interest in D2L following completion of the SIB, subject to rounding to avoid the purchase of fractional shares. This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell SV Shares. Forward-Looking Information Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this pres...