11:36 AM EST, 01/07/2025 (MT Newswires) -- STEP Energy Services ( SNVVF ) late on Monday said it received exchange approval to renew a normal course issuer bid (NCIB) for its shares.

Under the NCIB, STEP may repurchase up to 3.6 million common shares, representing 5% of its outstanding shares as of Dec. 26.

The NCIB takes effect on Jan. 9 and ends on Jan. 8, 2026, or when the maximum number of shares have been purchased.

From Dec. 19, 2023, to Dec. 18, 2024, STEP purchased and canceled around 1.9 million shares at a volume weighted average price of $4.16 per common share under its previous NCIB, which allowed STEP to purchase up to 3.6 million common shares.

STEP's shares were last seen up $0.17 to $4.53 on the Toronto Stock Exchange.

Price: 4.53, Change: +0.17, Percent Change: +3.90