12:27 PM EDT, 07/11/2024 (MT Newswires) -- Coveo Solutions ( CVOSF ) , an enterprise AI platform, was last seen down 17% after on Thursday reported preliminary results of its substantial issuer bid (SIB) for its subordinate voting shares priced between $7.70-$9.25.

Coveo said it expects to take up and pay for nearly 6.5 million subordinate voting shares at $7.70 apiece, for an aggregate purchase price of nearly $50 million and about 6.2% of the company's issued and outstanding subordinate voting shares and multiple voting shares.

Following the SIB, Coveo expects to have approximately 53.8 million subordinate voting shares and 43.7 million multiple voting shares outstanding.

Coveo also received an order exempting the company from complying with the requirement it first take up the Subordinate Voting Shares deposited under the SIB before extending the expiration date of the bid, should it choose to.

Coveo's share price at last look fell 17.2% to $6.55 in early Thursday trading.

Price: 6.55, Change: -1.36, Percent Change: -17.19