Nuvei announces renewal of its normal course issuer bid
Canadian fintech company Nuvei Corporation (TSX:NVEI) announces that its board of directors has authorized, and the Toronto Stock Exchange (TSX) has approved, the renewal of its normal course issuer bid (NCIB) for the twelve-month period commencing on March 22, 2023 and ending no later than March 21, 2024.
Pursuant to the NCIB, Nuvei may purchase for cancellation up to 5,556,604 subordinate voting shares of Nuvei, representing approximately 10% of its “public float” as at March 8, 2023, or an aggregate fair market value of approximately U.S.$ 228.3 million based on the closing trading price of the subordinate voting shares on the NASDAQ Global Select Market on March 17, 2023.
As at March 8, 2023, Nuvei had 63,595,611 issued and outstanding subordinate voting shares, including a public float of 55,566,045 subordinate voting shares.
Subject to any required regulatory approvals, the NCIB will be conducted through the facilities of the TSX and the Nasdaq or alternative trading systems in Canada and the United States, if eligible, and will conform to their regulations. Subordinate voting shares will be acquired under the NCIB at the market price at the time of purchase.
In connection with the NCIB, Nuvei also entered into an automatic share purchase plan (ASPP) with the designated broker responsible for the NCIB, allowing for the purchase of subordinate voting shares under the NCIB at times when Nuvei would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, before entering into a blackout period, Nuvei may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such parameters, without further instructions by Nuvei, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.
The ASPP has been pre-cleared by the TSX and is being implemented concurrently with the initiation of the NCIB.
Nuvei previously maintained an NCIB for the 12-month period beginning on March 10, 2022 and ended March 9, 2023, under which Nuvei was authorized to purchase up to 6,617,416 subordinate voting shares, or 10% of its public float as at February 28, 2022. During the term of such NCIB, Nuvei repurchased 3,660,743 of its subordinate voting shares at a weighted average purchase price per subordinate voting share of U.S.$45.51 through the facilities of the TSX and the Nasdaq.