NanoXplore Inc., a leader in graphene production, has received approval from the Toronto Stock Exchange (TSX) to initiate a Normal Course Issuer Bid (NCIB) program. This strategic move will allow the Montreal-based company to repurchase up to approximately 5% of its public float, signaling confidence in the firm's value and financial health.
The NCIB program is scheduled to commence in December and will extend through the end of November 2024. It provides NanoXplore the option to buy back roughly 5.94 million shares through the TSX or Canadian Alternative Trading Systems. The daily repurchase volume is capped at about 25% of the average six-month trading volume, with the possibility of exceeding this limit through block purchase exceptions.
This decision comes at a time when companies are navigating an uncertain global economy, and NanoXplore aims to leverage its existing cash reserves to fund the purchase. The management believes that repurchasing shares under favorable market conditions is a prudent use of surplus funds and aligns with broader corporate strategies.
NanoXplore's business interests are not limited to graphene powder manufacturing. The company has expanded its portfolio to include graphene-enhanced plastics and composites, as well as silicon-graphene lithium-ion batteries designed for electric vehicles and grid storage solutions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.