03:20 PM EDT, 06/24/2024 (MT Newswires) -- Thinkific ( THNCF ) announced the results and closing of its substantial issuer bid.

A total of 12.85 million subordinate voting shares was tendered, for total consideration of $47.83 million.

There was also notable insider selling, National Bank analyst Richard Tse said.

Following the offering's close, Thinkific ( THNCF ) has US$50 million cash which Tse believes is sufficient to sustain its current growth investments particularly as he expects the company to generate +$5.2 million in FCF in FY24.

Maintain Outperform, $4.50 target.

Price: 3.76, Change: -0.02, Percent Change: -0.53