07:39 AM EST, 03/07/2024 (MT Newswires) -- Mullen Group Ltd. ( MLLGF ) said Thursday that it has secured approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid.

Under the renewed Bid, the company may buy back from time to time up to a maximum of 8.2 million shares, which represents, as at Feb. 26, about 10% of Mullen's public float between March 11, 2024 and March 10, 2025.

For its normal course issuer bid that began on March 10, 2023, and that will expire on March 9, 2024, Mullen Group ( MLLGF ) previously received approval to repurchase nearly 8.6 million common shares. Of this amount, as of Feb. 29, the Mullen had repurchased about 3.5 million shares for a total cost of about $51.9 million, representing a volume-weighted average price of $14.69 per share.

As of Feb. 26, the company has about 88 million shares issued and outstanding.

Additionally, Mullen entered into an automatic securities purchase plan with its broker, Scotia Capital Inc.