Summary by Futu AI
On May 31, 2024, Novo Integrated Sciences, Inc. announced the approval by its Board of Directors of a Stock Repurchase Program, authorizing the repurchase of up to $5 million of the company's common stock. The repurchases may occur in the open market or through privately negotiated transactions, depending on market conditions and other factors. Additionally, the Board is reviewing the possibility of increasing the repurchase amount, contingent upon the availability of excess funds from a program designed to monetize a Standby Letter of Credit, which is part of the Ophir Collection acquisition strategy. The timing and volume of repurchases will be subject to management's discretion, considering factors such as stock price, market conditions, and the company's capital position. The program does not commit Novo Integrated Sciences to a specific number of shares and may be suspended at any time. The announcement was made in a press release attached as Exhibit 99.1 to the company's Current Report on Form 8-K filed with the SEC.
