TORONTO, Nov. 16,
2023 /CNW/ - November 16,
2023 – Payfare Inc. ("Payfare" or the
"Company") (TSX: PAY) (OTCQX: PYFRF), a leading fintech
powering instant payout and digital banking solutions for the gig
workforce, today announced that the Toronto Stock Exchange (the
"TSX") has approved the Company's new normal course issuer
bid ("NCIB") for the upcoming 12-month period.
The NCIB will commence on November 20, 2023, and will
terminate on November 19, 2024, or on such earlier date as the
Company may complete its purchases pursuant to the Notice that was
filed with the TSX. Under the NCIB, the Company is authorized to
purchase up to 2,389,813 of its Class A common shares (the
"Shares"), representing 5% of the 47,796,268 Shares issued
and outstanding as of November 9, 2023, by way of normal
course purchases effected through the facilities of the TSX and all
available Canadian markets and alternative trading platforms.
Except where purchases are made in accordance with the "block
purchase exception" of the TSX rules, daily purchases will be
limited to a maximum of 24,096 Shares, or 25% of the average daily
trading volume for the six months ended October 31, 2023
(being 96,385 Shares). All shares purchased by the Company under
the NCIB will be cancelled.
In deciding to renew the NCIB, the Company believes that the
market price of the Shares may not, from time to time, fully
reflect their value and accordingly the purchase of the Shares
would be in the best interest of the Company and an attractive and
appropriate use of available funds.
Purchases will be made by the Company in accordance with the
requirements of the TSX and the price which the Company will pay
for any such Shares will be the market price of any such Shares at
the time of acquisition, or such other price as may be permitted by
the TSX.
In connection with the NCIB, the Company will enter into an
automatic share purchase plan with its designated broker to allow
for purchases of its Shares during certain pre-determined black-out
periods, subject to parameters as to price and number of Shares.
Outside of these pre-determined black-out periods, Shares will be
purchased in accordance with management's discretion, subject to
applicable law.
Although the Company has a present intention to acquire its
Shares pursuant to the NCIB, the Company will not be obligated to
make any purchases and purchases may be suspended by the Company at
any time.
Under the Company's previous normal course issuer bid which had
expired on March 27, 2023, the
Company had purchased 1,194,800 Shares at a weighted average
purchase price of $4.54 per Share for
cancellation.
About Payfare (TSX:PAY)
Payfare is a global financial technology company powering
digital banking and instant payment solutions for today's gig
workforce. Payfare partners with leading platforms and
marketplaces, such as Uber, Lyft and DoorDash, to provide financial
health for their workforce.
Forward-Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflects Payfare's current expectations regarding future events as
of the date hereof. Such forward-looking information may include
but are not limited to statements regarding the Company's NCIB and
future purchases of Shares pursuant to it, the timing and the
number of Shares which may be purchased under the NCIB, and the
Company's belief that the repurchase of Shares for cancellation is
an appropriate use of available funds. Forward-looking information
is based on a number of assumptions and is subject to a number of
risks and uncertainties, many of which are beyond Payfare's
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information. Such risks include the factors
discussed under the "Risk Factors" section in Payfare's
Management's Discussion & Analysis for the year ended
December 31, 2022, which is available
under Payfare's profile on SEDAR at www.sedar.com. Other
factors that could cause actual results or events to differ
materially include general economic and market conditions.
Accordingly, readers should not place undue reliance on
forward-looking information. Payfare does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
SOURCE Payfare