Novo Integrated board boosts maximum amount under stock buyback to $10M

Novo Integrated Sciences announced the company’s Board of Directors has approved an increase of up to $10M maximum amount, from the previously announced up to $5M maximum amount, for the repurchase of the company’s outstanding common stock from time to time in the open market at prevailing market prices or in privately negotiated transactions. The increased maximum amount available for purchase under the stock repurchase program is based on the amount, if any, of excess funds that may be generated from the pending program to monetize a Standby Letter of Credit intended to complete the Ophir Collection acquisition. Pending receipt of funds from the unsecured 15-year $70,000,000 promissory note with RC Consulting Consortium Group, LLC in favor of SCP Tourbillion Monaco for a lump sum debt funding of $57,000,000, less fees and expenses, the amount and timing of any shares repurchased under the repurchase program will be determined at the discretion of management and will depend on a number of factors, including the market price of the company’s stock, trading volume, general market and economic conditions, the company’s capital position, legal requirements, and other factors. The repurchase program does not obligate the company to acquire any particular number of shares, and the repurchase program may be discontinued at any time at the company’s discretion. Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated, “Today’s announcement conveys our ongoing confidence in our business and dedication to enhancing stockholder value. This stock repurchase program is a direct reflection of our belief that our shares are undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead.”