Namaste Technologies Inc. (OTCMKTS: NXTTF) announced on June 28th the company will pursue a normal course issuer bid (NCIB) for its own shares.
The company plans to purchase 25,308,136 common shares. This is an estimated 8.9% of the company’s outstanding and issued shares and is 10% of the company’s “public float”.
The NCIB is still subject to regulatory approval and will continue in accordance with the rules and regulations of the Toronto Stock Exchange Venture (TSX-V).
The reasoning from Namaste’s board of directors for the NCIB to purchase their own common shares is the current trading value is inadequately representing the company’s true value.
Namaste’s board aims to increase the value for shareholders with this NCIB.