10:58 AM EDT, 03/15/2024 (MT Newswires) -- CPI Card Group ( PMTS ) said on Friday it is extending its agreement with Parallel49 Equity ULC to repurchase up to 325,000 of its common shares now held through the Tricor Pacific Capital Partners fund through June 30.

The company said the new agreement continues a previous agreement that was set to expire on March 31 and is again authorized through CPI Card Group's ( PMTS ) existing $20 million share repurchase program.

Terms are unchanged from the prior agreement announced in December, with the company buying back shares at a 3-to-1 ratio to its open-market purchases from other investors at 98% of the volume-weighted average purchase price of those stock repurchases. The new agreement covers the period April 1 through June 30, according to CPI Card Group ( PMTS ).

Parallel49 owned 6.6 million CPI Card ( PMTS ) shares as of Dec. 31, or roughly 57% of the company's outstanding stock, CPI Card Group ( PMTS ) said.

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