Monday, December 5 2022

FansUnite Entertainment Inc (CSE: FANS, OTCQX: FUNFF) has announced its intention to initiate a normal course issuer bid (NCIB) for its common stock through the Canadian Securities Exchange (CSE).

The sports and entertainment company said it believes “the market price of the shares may, from time to time, not fully reflect their value” and therefore buying the shares would be “in the best interest of the company and an attractive offer”. and the appropriate use of available funds”.

The share buyback could also “enhance value and liquidity for its shareholders,” it said in a statement.

READ: FansUnite Entertainment dodges economic headwinds to report 804% increase in Q1 revenue

Under the terms of the tender offer, the company may purchase up to 16,115,728 shares, representing 5% of the issued and outstanding shares, through the CSE and other applicable stock exchanges.

The share buyback will begin on June 15, 2022 and may extend over a period of up to 12 months from the start date.

FansUnite noted that the actual number of shares purchased under the OPRA, as well as the timing of the purchases and the price per share, will depend on market conditions. Purchases must comply with CSE policy and National Instrument 62-104 Take-over Bids and Issuer Bids, he added.

All purchases under the issuer bid will be made through Research Capital Corporation, the Company’s broker, and all shares purchased under the issuer bid will be cancelled.

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