AXIS AUTO ANNOUNCES INTENTION TO MAKE NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has accepted a notice filed by Axis of its intention to make a normal course issuer bid for up to 6,105,497 of its issued and outstanding common shares. The bid will be conducted through Canaccord Genuity Corp., a member of the TSX, and made in accordance with the policies of the TSX.
Purchases of shares under the bid may commence on Nov. 26, 2022, and will terminate on Nov. 25, 2023, or on such earlier date as the bid is complete. Purchases of shares will be made through the facilities of the TSX or alternative Canadian trading systems in accordance with its rules.
The average daily trading volume of the shares for the previous six calendar months ended Oct. 31, 2022, was 6,432 shares. On any trading day, purchases under the bid will not exceed 1,608 shares. The price that the company will pay for any shares purchased under the bid will be the prevailing market price at the time of purchase. Any shares purchased by the company will be cancelled.
As of Nov. 18, 2022, there were 122,109,949 shares issued and outstanding. The 6,105,497 shares that may be repurchased under the bid represent approximately 5 per cent of the issued and outstanding shares (as determined in accordance with the policies of the TSX) on Nov. 18, 2022.
Axis believes that its shares have been trading in a price range that does not adequately reflect the value of such shares in relation to the business of Axis and its future business prospects. As a result, depending upon future price movements and other factors, Axis believes that its outstanding shares may represent an attractive investment to Axis. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in Axis.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the company received approval from the TSX Venture Exchange to purchase up to 6,907,562 shares for the period from Nov. 26, 2021, to Nov. 25, 2022, to date, the company has purchased an aggregate of 6.67 million shares on open-market transactions through the facilities of the TSX-V, the TSX and alternative trading systems at a volume-weighted average purchase price of 61 cents.
About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through Axis's direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing and get the car delivered to their home. In addition, the company continues to grow B2B (business-to-business) non-prime auto loan originations by delivering innovative technology solutions and superior service to its dealer partner network. All Axis auto loans report to Equifax, resulting in over 70 per cent of customers seeing a significant improvement of their credit scores.
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