09:12 AM EDT, 07/11/2024 (MT Newswires) -- Knight Therapeutics Inc. ( KHTRF ) , a pan-American (ex-US) specialty pharmaceutical company, on Thursday announced acceptance by the Toronto Stock Exchange of the company's Notice of Intention to Make a Normal Course Issuer Bid.

Pursuant to the NCIB, the company proposes to purchase, from time to time over the next 12 months, if considered advisable, up to 5,312,846 of its common shares, being approximately 10% of its public float of 53,128,463 common shares, as of June 30, 2024. As of June 30, 2024, there were a total of 101,327,297 common shares issued and outstanding. Purchases may commence on July 15, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 14, 2025. The company may purchase up to a daily maximum of 16,855 common shares (being 25% of the average daily trading volume of 67,421 common shares, for the last six calendar months). The common shares may be purchased for cancellation through the facilities of the TSX or through alternative Canadian trading systems at times and in numbers to be determined by the company. The company had previously sought and obtained approval from the TSX to purchase up to 5,999,524 common shares under an NCIB and the company has, in the 12 months preceding this announcement, purchased such 5,999,524 common shares through the facilities of the TSX and alternative Canadian trading systems at a weighted average price per share of $4.87.

Knight said it also entered into an automatic share purchase plan with a broker in order to facilitate purchases of its common shares under the NCIB. Under Knight's automatic share purchase plan, Knight's broker may repurchase common shares which it would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Knight's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been pre-cleared by the TSX and will be implemented effective as of July 15, 2024.

The company said it believes that the market price of Knight's common shares, from time to time, may not reflect the inherent value of the company and purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the company's funds. The price that Knight will pay for Common Shares in open market transactions will be the market price at the time of purchase.