Knight Therapeutics Announces Normal Course Issuer Bid Approval

Knight Therapeutics Inc. (TSX:GUD), a specialty pharmaceutical company, announced on July 12, 2022, that the Toronto Stock Exchange (TSX) has accepted its notice of intention to implement a Normal Course Issuer Bid (NCIB). Under the NCIB, the company plans to purchase up to 7,988,986 of its common shares over the next 12 months, representing approximately 10% of its public float.

Purchases may begin on July 14, 2022, and will conclude no later than July 13, 2023, or when the maximum number of shares has been acquired. The company will be able to purchase up to a daily maximum of 49,251 shares. The repurchased shares may be cancelled. Knight Therapeutics had previously completed a similar bid, buying back 10,267,956 shares at an average price of $5.25.

The company has also entered into an automatic share purchase plan with a broker to facilitate repurchases. This plan allows the broker to buy shares even during periods when the company might otherwise be restricted from doing so due to trading regulations or internal blackout periods. The plan has been pre-approved by the TSX and will commence on July 14, 2022.

Knight Therapeutics stated that it believes its common share price may not at times reflect its inherent value. The company views the share repurchase program as an appropriate use of corporate funds. Shares will be purchased on the open market at prevailing market prices.

David Miller Staff Reporter