TORONTO–(BUSINESS WIRE)–Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payment and digital banking solutions for the gig workforce, today announced that the Toronto Stock Exchange (the “TSX“) accepted the notice (the “Note”) filed by the Company to initiate a normal course issuer bid (“ORCN”) for a period of 12 months.
The issuer bid will commence on March 28, 2022 and will end on March 27, 2023 or such earlier date as the Company may complete its purchases in accordance with the notice that has been filed with the TSX. Pursuant to the issuer bid, the Company is authorized to purchase up to 2,335,496 of its Class A common shares (the “Shares”), representing 5% of the 46,709,923 shares issued and outstanding as of March 15, 2022, through normal course purchases made through the facilities of the TSX and all Canadian marketplaces and alternative trading platforms available. Except when purchases are made pursuant to the “Bulk Purchase Exception” of the TSX Rules, daily purchases will be limited to a maximum of 18,715 shares, or 25% of the average daily trading volume for the trading period. six months ended February 28, 2022 (i.e. 74,863 Shares). All shares purchased by the Company under the public buyback offer will be cancelled.
In deciding to establish the OPRCA, the Company believes that the market price of the Shares may, from time to time, not fully reflect their value and that, therefore, the purchase of the Shares would be in the best interests of the Company and would constitute an attractive and appropriate use of available funds.
Purchases will be made by the Company in accordance with the requirements of the TSX and the price the Company will pay for such shares will be the market price of such shares at the time of acquisition, or such other price as permitted by the Toronto Stock Exchange.
As part of the issuer bid, the Company will enter into an automatic share purchase program with its designated broker to allow the purchase of its shares during certain pre-determined blackout periods, subject to price parameters. and the number of shares. Outside of such pre-determined blackout periods, Shares will be purchased at management’s discretion, subject to applicable law.
Although the Company currently intends to acquire its Shares pursuant to the tender offer, the Company will not be obligated to make any purchases and the purchases may be suspended by the Company at any time.
About Payfare (TSX: PAY)
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft, and DoorDash, to ensure the financial health of their staff.
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include, but is not limited to, statements regarding the company’s tender offer and future purchases of shares thereunder, the timing and the number of shares that may be purchased. under the tender offer, and the company’s belief that buying back shares for cancellation is an appropriate use of available funds. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, which could cause actual results and events to differ materially from those are disclosed or implied by such information. forward-looking information. These risks include the factors discussed in the “Risk Factors” section of Payfare’s MD&A for the year ended December 31, 2021, which is available under Payfare’s profile on SEDAR at www.sedar.com. Other factors that could cause actual results or events to differ materially include general economic and market conditions. Accordingly, readers should not place undue reliance on forward-looking information. Payfare undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.