Ascend Wellness Holdings, Inc., a vertically integrated multi-state cannabis operator focused on bettering lives through cannabis, has announced it’s received authorization from the Company’s Board of Directors to commence a share buyback program.
Pursuant to a normal course issuer bid (“NCIB”) commencing on January 2, 2025, the Company may repurchase up to the lesser of: (i) 10,215,690 shares of the Company’s class A common stock (“Common Shares”), representing approximately 5.0% of AWH’s outstanding Common Shares; and (ii) US$2.25 million worth of Common Shares, in the open market. As of December 24, 2024, there were a total of 204,313,808 issued and outstanding Common Shares.
“With the initiation of this share buyback program, we are taking another meaningful step to continue to create shareholder value,” said Sam Brill, Chief Executive Officer. “Our prior share repurchase, together with the recent open market purchases by members of our board of directors, demonstrate our strong confidence in our strategy and our commitment to driving returns for our investors. With our strong foundation and the impact of our ongoing initiatives, we are excited about the opportunities the new year will bring.”
Common Shares may be purchased on the Canadian Securities Exchange (“CSE”), the OTCQX, or alternative trading systems, subject to applicable legal, regulatory and contractual requirements. All purchases made will be through the selected purchasing member, ATB Securities Inc. The total number of Common Shares purchased, timing of purchases, and share price are dependent upon market conditions and business considerations, any applicable securities law requirements, CSE rules and any determination of best use of cash available at the time. Any Common Shares purchased will be cancelled.
The Buyback program will expire onJanuary 1, 2026, and may be suspended, terminated or modified at any time for any reason. While the Company intends to proceed with the Buyback Program, it is under no obligation to purchase any Common Shares for the duration of the Buyback Program.
