08:46 AM EDT, 07/11/2024 (MT Newswires) -- Coveo Solutions ( CVOSF ) , an enterprise AI platform, reported on Thursday the preliminary results of its substantial issuer bid (SIB) for $50 million of its subordinate voting shares priced between $7.70-$9.25.

Coveo said it expects to take up and pay for nearly 6.5 million subordinate voting shares at $7.70 apiece, representing an aggregate purchase price of nearly $50 million and about 6.2% of the company's issued and outstanding subordinate voting shares and multiple voting shares.

After giving effect to the SIB, Coveo expects to have approximately 53.8 million subordinate voting shares and 43.7 million multiple voting shares issued and outstanding.

Coveo also received an order exempting the company from complying with the requirement that it first takes up the Subordinate Voting Shares deposited under the SIB before extending the expiration date of the SIB, if Coveo had determined to extend the SIB in the circumstance where the SIB is undersubscribed.

Coveo's share price closed 0.6% lower on Wednesday at $7.91 on the TSX.