Mr. Jake Bouma reports
ATLAS ENGINEERED PRODUCTS ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
Atlas Engineered Products Ltd. has received approval from the TSX Venture Exchange to renew its normal course issuer bid (the NCIB) to be transacted through the facilities of the TSX-V.
The renewed NCIB will commence on Dec. 1, 2022, and end on Dec. 1, 2023, or such earlier date as AEP may complete its purchases as set forth in its notice filed with the TSX-V. Under the renewed NCIB, AEP may purchase up to 4,732,015 common shares of the company, representing up to 10 per cent of the company's public float as of Nov. 2, 2022. The price that AEP will pay for common shares purchased under the NCIB will be the prevailing market price at the time of acquisition. The actual number of common shares purchased under the NCIB, and the timing of such purchases will be determined by the management of AEP. Purchases under the NCIB will continue to be effected by Canaccord Genuity Corp. AEP may enter into a predefined automatic securities purchase plan with Canaccord to allow for the repurchase of common shares at a time when the company would ordinarily not be active in the market due to its own internal trading blackouts, insider trading rules or otherwise. Any such plans will be adopted in accordance with applicable Canadian securities laws.
Purchases of common shares under the NCIB will continue to be made on the open market through the facilities of the TSX-V and will be purchased for cancellation.
AEP's board of directors continues to believe that the current market price for the company's common shares does not currently reflect the underlying value of the company. As a result, depending on future price movements and other factors, AEP's board of directors believes that the purchase of the shares is an appropriate use of AEP's funds and in the best interests of AEP's shareholders.
Under AEP's previous NCIB, conducted between Nov. 3, 2021, and Nov. 1, 2022, AEP purchased and cancelled a total of 2,886,286 common shares under the previous NCIB at a weighted average price of 55.3 cents per share.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. The company has a well-defined and disciplined acquisition and operating growth strategy enabling it to scale aggressively and apply new technologies, giving it a unique opportunity to consolidate a fragmented industry of independent operators.
We seek Safe Harbor.
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