TORONTO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (TSX:TSND) (OTCQX:TSNDF), a leading North American cannabis company, today announced that its Board of Directors has authorized the Company to commence a normal course issuer bid ("NCIB") to repurchase up to USD $10 million of the Company's common shares ("Shares"), from time to time over a 12-month period.
Jason Wild, Executive Chairman of TerrAscend, stated, "Our first ever stock buyback program demonstrates our confidence in TerrAscend's future and commitment to enhancing shareholder value. As famed investor Benjamin Graham famously stated, ‘in the short run, the market is a voting machine, but in the long run, it's a weighing machine'. We are confident in the strength of our business, growth prospects, operational excellence, and strong cash flow. We believe our equity has compelling value and will be opportunistic with our share repurchases."
There were 291 million Shares outstanding as of August 16, 2024. While the timeframe to purchase Shares starts on August 22, 2024, and ends no later than August 21, 2025, the Company is not obligated to purchase any Shares. If management determines it has a better use for its cash reserves, it is under no obligation to continue to purchase Shares and share purchases may be suspended or terminated at any time at TerrAscend's discretion. The Company does not expect to incur debt to fund the share repurchase program.
The Company is authorized to repurchase up to 10,000,000 of the Company's Shares, which represents 5% of the public float based on 291,513,055 total Shares outstanding as of August 16, 2024. There is a daily repurchase restriction of 65,361 Shares, which represents 25% of the Company's average daily trading volume on the Toronto Stock Exchange of 261,445 Shares. Shares may be purchased on the Toronto Stock Exchange, the OTCQX Best Market, or alternative trading systems and will be subject to the limitations and rules imposed by ...
