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TORONTO, Nov. 7, 2024 /CNW/ - Propel Holdings Inc. ("Propel" or the "Company") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, today announced that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to proceed with a normal course issuer bid ("NCIB").
The Company's Board of Directors believes that a NCIB represents an appropriate and desirable use of its available liquidity, after investing in its strategic growth initiatives, to increase shareholder value and is in the best interest of Propel and its shareholders.
Pursuant to the notice, the Company may purchase up to 1,974,563 of its common shares ("Shares"), representing approximately 10% of the public float of 19,745,636 Shares as at October 30, 2024, during the twelve-month period commencing November 11, 2024 and ending November 10, 2025. As at October 30, 2024, there were 34,400,073 Shares issued and outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Propel may purchase up to 27,756 Shares on the TSX during any trading day, which represents approximately 25% of 111,024, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. Any Shares purchased under the NCIB will be cancelled.
The Company's prior normal course issuer bid commenced on September 11, 2023 and expired on September 10, 2024, under which the Company was authorized to purchase for cancellation up to 1,716,266 Shares. No Shares were purchased by the Company under the Company's prior normal course issuer bid.
Although the Company intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed. Any purchases made under the NCIB will be made by Propel subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems. Purchases under the NCIB may be made by means of open market transactions, privately negotiated transactions or such other means as a securities regulatory authority may permit.
About Propel
Propel Holdings Inc. (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel's operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its groundbreaking AI-driven platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel. Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at www.propelholdings.com.