06:42 AM EDT, 09/12/2024 (MT Newswires) -- Maxim Power ( MXGFF ) overnight Wednesday said it has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid (NCIB) that allows the company to buy back 2.53 million shares for one year beginning Sept. 16.

Under its previous normal course issuer bid, which expired on August 30, Maxim purchased 312,904 shares on the TSX at a weighted average price of $4.36 per share.

On Wednesday, the shares shed 4.3% to close at $3.79.