Columbia Care Publicizes Launch of Share Repurchase Program
Firm’s board of administrators approves $25 million open market repurchase program
NEW YORK, July 19, 2019–(BUSINESS WIRE)–Columbia Care Inc. (NEO:CCHW) (OTCQX:CCHWF) (FSE:3LP) (“Columbia Care” or the “Firm”), one of many largest totally built-in operators within the international medical cannabis trade with licenses throughout the US and EU, immediately introduced its intention to begin a standard course issuer bid (the “Repurchase Program”) to buy as much as an mixture of USD $25 million in widespread shares of the Firm (the “Widespread Shares”). The precise variety of Widespread Shares that could be bought beneath the Repurchase Program and the precise timing of such purchases will likely be decided by the Firm.
Columbia Care is enterprise the Repurchase Program as a result of its administration believes that, presently, and infrequently, the market worth of its Widespread Shares might not replicate the underlying worth of the Firm’s enterprise and prospects. Administration believes that, at such instances, the acquisition of Widespread Shares for cancellation could be in the perfect pursuits of the Firm’s shareholders and an applicable use of its money readily available.
The Repurchase Program has been authorised by the Firm’s board of administrators and accepted by Neo Change Inc. (the “NEO Change” or the “NEO”) and will likely be executed in accordance with the relevant guidelines and insurance policies of the NEO Change and any relevant Canadian securities legal guidelines. The Repurchase Program shall begin on July 23, 2019 and run by July 17, 2020 or on such earlier date because the Repurchase Program is full.
Below the phrases of the Repurchase Program, Columbia Care might, if thought-about advisable, buy its Widespread Shares in open market transactions by the amenities of the NEO Change and/or various Canadian buying and selling methods infrequently, to not exceed 10,798,037 Widespread Shares bought in mixture. The worth that the Firm can pay for the Widespread Shares shall be the prevailing market worth on the time of buy and all bought Widespread Shares will likely be cancelled by the Firm. In accordance with NEO Change guidelines, each day purchases (apart from pursuant to a block buy exception) on the NEO beneath the Repurchase Program can’t exceed 25% of the common each day buying and selling quantity on the NEO as measured from April 29, 2019 to July 12, 2019.
The Firm has appointed Canaccord Genuity Corp. to coordinate and facilitate purchases beneath the Repurchase Program.
About Columbia Care Inc.
Columbia Care is among the largest totally built-in operators within the international medical cannabis trade, with licenses throughout the US and EU. With over 1,000,000 profitable gross sales transactions since its inception, Columbia Care is a patient-centered group setting the usual for compassion, professionalism, high quality, caring and innovation, working in collaboration with famend and progressive educating hospitals and medical facilities. The Firm is dedicated to offering the kind of training and transparency sufferers deserve and high quality of product that clinicians count on. For extra data on Columbia Care, please go to www.col-care.com.
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