The Toronto Stock Exchange reports that Cipher Pharmaceuticals Inc. has made an offer to purchase up to $6-million of its common shares, pursuant to a modified Dutch auction, consisting of: (i) auction tenders, in which the tendering shareholders specify a price of not less than $3.95 per share and not more than $4.75 per share (in increments of five cent per share); or (ii) purchase price tenders in which the tendering shareholders do not specify a price per share. Shares tendered will be deemed to have been tendered at the minimum price of $3.95 per share.

The TSX notes that if required, validly tendered shares will be purchased on a pro rata basis according to the number of shares deposited by each shareholder (with adjustments to avoid the purchase of fractional shares). Shareholders who own odd lots will not be subject to proration. An odd lot is a deposit by a shareholder owning in aggregate less than 100 shares at the close of business at the expiry time.

According to the TSX, the offer will expire at 5 p.m. Eastern Time on Oct. 11, 2023, unless extended or withdrawn. To tender to the offer, shareholders must return the letter of transmittal together with share certificates to Computershare Investor Services Inc. (the depositary) at its principal office in Toronto or follow the procedures for book entry transfer set out in the offering document. The notice of guaranteed delivery must be completed and received by the depositary on or prior to the expiry time. The letter of transmittal along with the shares pertaining to the notice of guaranteed delivery must be received in Toronto on or prior to 5 p.m. Eastern Time on the second TSX trading day after the expiry time. Trades on Oct. 11, 2023, will settle on Oct. 12, 2023.

For more information, see the offer dated Sept. 6, 2023, available on SEDAR+.