TORONTO, Aug. 20, 2024 – PRESS RELEASE – TerrAscend Corp., a leading North American cannabis company, announced that its board of directors authorized the company to commence a normal course issuer bid (NCIB) to repurchase up to US$10 million of the company’s common shares, from time to time over a 12-month period.
“Our first ever stock buyback program demonstrates our confidence in TerrAscend’s future and commitment to enhancing shareholder value,” TerrAscend Executive Chairman Jason Wild said. “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 Aug. 16, 2024. While the timeframe to purchase shares starts on Aug. 22, 2024, and ends no later than Aug. 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 million of the company’s shares, which represents 5% of the public float based on 291,513,055 total shares outstanding as of Aug. 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 U.S. and Canadian securities regulations.
The actual number of shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All shares acquired will be returned to treasury and canceled.
