Novo Integrated Sciences board approves $5M stock repurchase program

Novo Integrated Sciences announced the Company’s Board of Directors has approved the repurchase of up to $5 million of the Company’s outstanding common stock from time to time in the open market at prevailing market prices or in privately negotiated transactions. Pending receipt of funds from the unsecured 15-year $70,000,000 promissory note with RC Consulting LLC in favor of SCP Tourbillion Monaco for a lump sum debt funding of $57,000,000, less fees and expenses, the amount and timing of any shares repurchased under the program will be determined at the discretion of management and will depend on a number of factors, including the market price of the Company’s stock, trading volume, general market and economic conditions, the Company’s capital position, legal requirements, and other factors. The repurchase program does not obligate the Company to acquire any particular number of shares, and the repurchase program may be discontinued at any time at the Company’s discretion. Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated, “Today’s announcement conveys our ongoing confidence in our business and dedication to enhancing stockholder value. This stock repurchase program is a direct reflection of our belief that our shares are undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead.”