Coveo Renews Normal Course Issuer Bid for Share Repurchases
Coveo Solutions Inc. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid, allowing the company to repurchase up to approximately 10% of its shares over the next twelve months.
Montréal and San Francisco – Coveo Solutions Inc., a company focused on AI-powered relevance for search and generative experiences, announced on July 15, 2026, that its board of directors has authorized, and the Toronto Stock Exchange (TSX) has approved, the renewal of its normal course issuer bid (NCIB). Under this program, Coveo may purchase for cancellation up to 5,101,789 subordinate voting shares over a twelve-month period, commencing July 17, 2026, and ending no later than July 16, 2027. This represents approximately 10% of the company's public float.
The renewed NCIB follows the conclusion of Coveo's previous program, which expires on July 16, 2026. During the prior bid, Coveo purchased 3,912,990 shares through open market transactions on the TSX and alternative Canadian trading systems at a weighted average price of C$6.78 per share. Purchases under the new NCIB will be conducted through the TSX or other Canadian trading systems, adhering to their regulations, and will be made at the market price at the time of purchase.
In conjunction with the NCIB renewal, Coveo has also renewed its automatic securities purchase plan (ASPP) with a designated broker. This plan facilitates the purchase of shares under the NCIB during periods when the company might otherwise be restricted from trading due to regulatory requirements or internal trading black-out periods. Coveo may instruct its broker to execute trades within these black-out periods according to the ASPP's parameters.
The company stated that it is renewing the NCIB to provide a capital allocation alternative aimed at enhancing long-term shareholder value. Coveo believes its share price may not always reflect its underlying value, and repurchasing shares through the NCIB increases each shareholder's relative equity interest while offering liquidity to selling shareholders.