Toronto, Ontario – March 23, 2022 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced that the Toronto Stock Exchange (the “TSX”) has accepted the notice (the “Notice”) filed by the Company to commence a normal course issuer bid (“NCIB”) for a 12 month-period.
The NCIB will commence on March 28, 2022 and will terminate on March 27, 2023, or on such earlier date as the Company may complete its purchases pursuant to the Notice that was filed with the TSX. Under the NCIB, 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, by way of normal course purchases effected through the facilities of the TSX and all available Canadian markets and alternative trading platforms. Except where purchases are made in accordance with the “block 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 six months ended February 28, 2022 (being 74,863 Shares). All shares purchased by the Company under the NCIB will be cancelled.
In deciding to establish the NCIB, the Company believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly the purchase of the Shares would be in the best interest of the Company and 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 which the Company will pay for any such Shares will be the market price of any such Shares at the time of acquisition, or such other price as may be permitted by the TSX.
In connection with the NCIB, the Company will enter into an automatic share purchase plan with its designated broker to allow for pur