05:11 PM EDT, 05/14/2024 (MT Newswires) -- Thinkific Labs ( THNCF ). (THNC.TO) Tuesday announced the launch of a substantial issuer bid to purchase for cancellation up to $47.8 million of its subordinate voting shares at a price of $3.72 per Subordinate Voting Share.

The Offer will not be conditional upon any minimum number of subordinate voting shares being tendered.

According to a statement from the company and it board, they believe that the offer "is in the best interests of the company and represents a desirable use of a portion of its significant cash on hand.

"The company remains focused on making investments to promote long-term growth and profitability... the company expects to have sufficient cash on hand which will allow the company to continue investing in areas of growth, including through strategic investments," it said.

The company's shares closed unchanged at $3.54 on the Toronto Stock Exchange.