BELLEVUE, Wash. - Novo Integrated Sciences, Inc. (NASDAQ: NVOS) announced today that its Board of Directors has authorized an increase in its stock repurchase program, doubling the maximum amount from $5 million to $10 million. The expansion of the buyback initiative is contingent upon the availability of excess funds, which the company anticipates will result from efforts to monetize a Standby Letter of Credit. This move is part of the company's strategy to finalize the acquisition of the Ophir Collection.
The repurchase of the company's common stock will occur periodically in the open market or through privately negotiated transactions, depending on a variety of factors, including stock market conditions and the company's financial position. Novo Integrated Sciences has clarified that while the program permits the repurchase of shares, it does not obligate the company to purchase any specific number of shares. Furthermore, management retains the discretion to halt the program at any time.
Robert Mattacchione, CEO and Chairman of Novo, expressed the company's confidence in its business model and its commitment to enhancing shareholder value. He remarked that the expanded stock repurchase program reflects the company's belief that its shares are currently undervalued and demonstrates confidence in the company's future prospects.
Novo Integrated Sciences is known for its multidisciplinary approach to healthcare, aiming to provide patient-first health and wellness services through a combination of medical technology, advanced therapeutics, and rehabilitative science. The company's business model emphasizes service networks, technology integration, and product development to improve non-critical healthcare delivery.
This announcement comes as Novo Integrated Sciences awaits a lump sum debt funding of $57 million from a promissory note with RC Consulting Consortium Group, LLC, which is expected to contribute to the company's capital for initiatives such as the stock repurchase program.
The information in this article is based on a press release statement from Novo Integrated Sciences, Inc.
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