BioHarvest Sciences launches share repurchase program of up to 5%

BioHarvest Sciences Inc. (NASDAQ: BHST) announced that its Board of Directors has authorized a share repurchase program structured as a normal course issuer bid (NCIB), allowing the company to buy back up to 5% of its outstanding common shares.

The maximum number of shares eligible for repurchase is 1,133,392. The program will not begin earlier than five days following the announcement and will terminate after 12 months, once the maximum number of shares has been repurchased, or upon earlier termination at the company's discretion.

All purchases will be executed on the Nasdaq Stock Market in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Shares will be purchased at prevailing market prices, with the timing, quantity, and price left to management's discretion. All repurchased shares will be retired.

The Board stated it believes the current market price of the company's common shares may not fully reflect the underlying value of its business. Chief Executive Officer and Executive Chairman Dr. Zaki Rakib said, "We believe BioHarvest today is a substantially different company from the one reflected in our current market valuation," adding that the board concluded "purchasing our own shares represents an attractive use of capital."

BioHarvest Sciences is a botanical synthesis company that develops and manufactures plant-based compositions. The company also operates as a contract development and manufacturing organization and owns the VINIA consumer product line.

You May Also Be Interested In

• Valvoline raises share repurchase authorization to $500 million
• Snowflake prices $3.75B convertible notes offering in two tranches
• Silexion Therapeutics exercises series E warrants for $837K