Hydreight Announces Normal Course Issuer Bid

Rhea-AI Summary

Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE:SO6), a mobile clinical network and medical platform operating across 50 U.S. states, has announced its intention to initiate a normal course issuer bid (NCIB). The company plans to repurchase up to 1,378,633 of its common shares, representing approximately 3.42% of outstanding shares and 10% of its public float.

The NCIB will commence on October 4, 2024, and conclude on October 3, 2025, unless completed earlier. Research Capital will conduct the bid on behalf of Hydreight. Purchases will be made on the open market through the TSX Venture Exchange, with the company paying the prevailing market price at the time of purchase. The repurchase will be funded from existing working capital.

Hydreight believes this move may contribute to an orderly market and is in the best interests of the company and its shareholders. The company may purchase shares if it believes they are trading at a price that doesn't adequately reflect Hydreight's business prospects, growth, and financial position.

Positive

• Potential to improve shareholder value through share repurchases
• Company has sufficient working capital to fund the share buyback program
• Demonstrates management's confidence in the company's financial position and future prospects

Negative

• Reduction in cash reserves that could be used for business operations or growth initiatives

News Market Reaction

+8.94%

1 alert

+8.94% News Effect

On the day this news was published, HYDTF gained 8.94%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LAS VEGAS and VANCOUVER, British Columbia, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE:SO6) (the “Company”), a fast-growing mobile clinical network and medical platform which enables flexible at-home medical services across 50 states in the United States, announces today its intention to make a normal course issuer bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 1,378,633 of its issued and outstanding common shares, being approximately 3.42% of the Company's currently outstanding common shares and approximately 10.0% of 13,786,334 which represents the Company's Public Float (as that term is defined in the policies of the TSX Venture Exchange (the "Exchange"). The Bid will commence on October 4, 2024, and will terminate on October 3, 2025, or such earlier time as the Bid is completed or at the option of the Company. Research Capital Corporation of Vancouver, British Columbia will conduct the Bid on behalf of the Company.

The Bid will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made on the open market through the facilities of the Exchange. The price which the Company will pay for any shares purchased by it will be the prevailing market price of such common shares on the Exchange at the time of such purchase. The purchase of the common shares under the Bid is being funded from existing working capital.

In accordance with Exchange policies, the Company will include a summary of the Bid in the management information circular to be mailed to shareholders of the Company in respect of its next meeting of shareholders.

The Company believes that purchases of its common shares pursuant to the Bid may contribute to the facilitation of an orderly market and is in the best interests of the Company and its shareholders. In the event that the Company believes that its common shares begin trading in a price range that does not adequately reflect their underlying value based on the Company’s business prospects, growth and financial position, the Company may purchase common shares pursuant to the Bid.

On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact

Email: ir@hydreight.com; Telephone: (480) 790 6886

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the Bid. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.

FAQ

How many shares does Hydreight Technologies (HYDTF) plan to repurchase in its normal course issuer bid?

Hydreight Technologies plans to repurchase up to 1,378,633 of its common shares, which represents approximately 3.42% of the company's outstanding common shares and 10% of its public float.

When will Hydreight Technologies (HYDTF) start and end its share repurchase program?

The normal course issuer bid will commence on October 4, 2024, and terminate on October 3, 2025, unless completed earlier or terminated at the option of the company.

Who will conduct the share repurchase program for Hydreight Technologies (HYDTF)?

Research Capital of Vancouver, British Columbia will conduct the normal course issuer bid on behalf of Hydreight Technologies.

How will Hydreight Technologies (HYDTF) fund its share repurchase program?

Hydreight Technologies will fund the purchase of common shares under the normal course issuer bid from its existing working capital.