12:38 PM EDT, 05/31/2024 (MT Newswires) -- Novo Integrated Sciences ( NVOS ) said Friday that its board is conducting a strategic review to increase the maximum amount of its previously announced $5 million stock repurchase program.

The review aims to determine if it's appropriate to increase the buyback program based on the excess funds from a program to monetize standby letter of credit intended for the completion of Ophir Collection acquisition, Novo Integrated Sciences ( NVOS ) said.

Late Thursday, the company said HSBC issued a Ready, Willing and Able of a standby letter of credit, under which it is projected to get about $78 million in gross funding proceeds around June 14.

The company's shares soared 117% in recent trading.

Price: 0.98, Change: +0.53, Percent Change: +117.29