09:06 AM EDT, 06/24/2024 (MT Newswires) -- Thinkific Labs ( THNCF ) said on Monday that it closed its substantial issuer bid having spent about $48 million to buy outstanding subordinate voting shares.

The marketing platform provider said it purchased for cancellation nearly 13 million subordinate voting shares at $3.72 apiece, representing 16% of its outstanding subordinate voting shares and multiple voting shares on a non-diluted basis.

After the offer, Thinkific ( THNCF ) said it has nearly 24 million subordinate voting shares and 44 million multiple voting shares outstanding.

"With the completion of this offer, shareholders in Thinkific ( THNCF ) will now own a more concentrated position in the enterprise value of the company," CEO Greg Smith said. "The valuation of Thinkific's ( THNCF ) shares is now more directly tied to the growth and performance of the company, and the approximately US$50 million cash we have retained is more than sufficient for the execution of our profitable growth strategy."