Crescita Therapeutics Announces Approval of Normal Course Issuer Bid
August 29 2023 - 6:30AM
Business Wire
Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF)
(“Crescita” or the “Company”) announced today that
the Toronto Stock Exchange (the “TSX”) has approved the
Company’s proposed normal course issuer bid (“NCIB”) to
purchase up to a maximum of 1,821,616 common shares (“Common
Shares”) for cancellation, representing approximately 10% of
its public float as of August 18, 2023, as appropriate
opportunities arise from time to time. As of August 27, 2023, the
Company had 20,374,153 issued and outstanding Common Shares.
Crescita’s management and board of directors believe that the
current market price of the Common Shares may not represent the
underlying value of the Company and has determined that, subject to
future price movements and other factors, the repurchase of such
Common Shares may be a desirable use of funds and in the best
interests of the Company and its shareholders.
Purchases under the NCIB will be made through the facilities of
the TSX or through a Canadian alternative trading system and in
accordance with applicable regulatory requirements at a price per
Common Share representative of the market price at the time of
acquisition. The number of Common Shares that can be purchased
pursuant to the NCIB is subject to a current daily maximum of 3,661
Common Shares (which is equal to 25% of 14,646 being the average
daily trading volume from February 1, 2023 through to July 31,
2023), subject to the Company’s ability to make one block purchase
of Common Shares per calendar week that exceeds such limits. All
Common Shares purchased under the NCIB will be cancelled upon their
purchase. The Company intends to fund the purchases from its
available resources.
The Company may begin to purchase Common Shares on August 31,
2023 and the NCIB will terminate on August 30, 2024 or such earlier
time as the Company completes its purchases pursuant to the NCIB or
provides notice of termination. The Company has also entered into
an automatic securities purchase plan in connection with its NCIB
that contains strict parameters regarding how its Common Shares may
be repurchased during times when it would ordinarily not be
permitted to purchase Common Shares due to regulatory restrictions
or self-imposed blackout periods. The automatic securities purchase
plan is effective immediately.
Pursuant to the Company’s previous normal course issuer bid that
commenced on December 17, 2021 and ended on December 16, 2022,
663,600 Common Shares at a weighted average price of $0.66 per
share were purchased. Purchases were made on behalf of the Company
by its broker through the facilities of the TSX. Crescita was
permitted to acquire up to 1,000,000 Common Shares under its
previous normal course issuer bid.
About Crescita Therapeutics Inc. Crescita (TSX: CTX and
OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian
commercial dermatology company with in-house R&D and
manufacturing capabilities. The Company offers a portfolio of
high-quality, science-based non-prescription skincare products and
early to commercial stage prescription products. We also own
multiple proprietary transdermal delivery platforms that support
the development of patented formulations to facilitate the delivery
of active ingredients into or through the skin. For more
information visit, www.crescitatherapeutics.com.
Forward-looking Information This press release contains
“forward-looking information” within the meaning of applicable
securities laws. All information in this press release, other than
statements of current and historical fact, represents
forward-looking information and is qualified by this cautionary
note. Often, but not always, forward-looking information can be
identified by words such as: “anticipate”, “intend”, “plan”,
“goal”, “seek”, “believe”, “aim”, “project”, “estimate”, “expect”,
“strategy”, “future”, “likely”, “may”, “should”, “will” and similar
references to future periods.
Examples of forward-looking information include, but are not
limited to, statements made in this press release relating to the
number of Common Shares to be acquired under the NCIB and other
related matters.
Forward-looking information is neither historical fact nor an
assurance of future performance. Instead, it based only on current
beliefs, expectations, and assumptions regarding the future of the
Company’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions.
Because forward-looking information relates to the future, it is
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of the Company’s control.
Crescita’s actual results and financial condition may differ
materially from those indicated in forward-looking information.
Therefore, you should not unduly rely on any forward-looking
information. Important factors that could cause Crescita’s actual
results and financial condition to differ materially from those
indicated in forward-looking information include, among others:
- economic and market conditions including the uncertainty in the
global economy;
- the impact of inflation and rising interest rates together with
the threats of stagflation and recession;
- the Company’s ability to execute its growth strategies;
- the degree or lack of market acceptance of the Company’s
products;
- reliance on third parties for marketing, distribution and
commercialization, and clinical trials;
- the impact of changing conditions in the regulatory environment
and product development processes;
- manufacturing and supply risks;
- increasing competition in the industries in which the Company
operates;
- the Company’s ability to meet its contractual obligations;
- the impact of product liability matters;
- the impact of litigation involving the Company and/or its
products;
- the impact of changes in relationships with customers and
suppliers;
- the degree of intellectual property protection of the Company’s
products;
- developments and changes in applicable laws and regulations;
and
- other risk factors described from time to time in the reports
and disclosure documents filed by Crescita with Canadian securities
regulatory agencies and commissions, including the sections
entitled “Risk Factors” in the Company’s most recent annual
MD&A and AIF.
As a result of the foregoing and other factors, no assurance can
be given that future results, levels of activity or achievements
indicated in any forward-looking information will actually be
achieved or that the Company will actually decide to purchase any
Common Shares pursuant to the NCIB. Any forward-looking information
in this press release is based only on information currently
available to management and speaks only as of the date on which it
is provided. Except as required by applicable securities laws,
Crescita undertakes no obligation to publicly update any
forward-looking information, whether written or oral, that may be
provided from time to time, whether as a result of new information,
future developments or otherwise.
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FOR MORE INFORMATION, PLEASE CONTACT: Investor Relations
Linda Kisa, CPA, CA Email: lkisa@crescitatx.com
Crescita Therapeutics (TSX:CTX)
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