Kidoz Inc announced its intention to acquire up to 5% of its issued and outstanding shares on the TSX Venture Exchange under a normal course issuer bid.
The mobile AdTech developer and owner of the Kidoz Contextual Ad Network and the Kidoz Publisher SDK may purchase its shares during the 12-month period beginning September 15, 2022, assuming receipt of regulatory approval.
In a statement, Kidoz told shareholders that its management and board believe that shares of Kidoz recently traded in a price range that represents a substantial discount to the company’s net asset value and does not does not reflect their underlying value.
READ: Kidoz Announces Strong Growth in Q2; reiterates full-year revenue forecast of $19-21 million
Subject to the market price of its shares and other considerations, Kidoz may acquire over the next 12 months up to 6,579,074 shares, representing up to 5% of the issued and outstanding shares. All purchases will be made at market prices through the facilities of the TSX-V.
The normal course issuer bid will be made through Kidoz Inc.’s broker, Research Capital Corporation.
Shares of Kidoz were trading around C$0.26 on Monday morning in Toronto.
The company recently reported second-quarter revenue of $2.513 million, down from $2.177 million in the same period a year ago, and reiterated its revenue guidance range of 19-21 million. dollars for the year 2022.
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