Novo Integrated Sciences Board Conducts Review to Increase Stock Buyback Program -- Shares Soar

MT Newswires Live06-01

Novo Integrated Sciences (NVOS) said Friday that its board is conducting a strategic review to increase the maximum amount of its previously announced $5 million stock repurchase program.

The review aims to determine if it's appropriate to increase the buyback program based on the excess funds from a program to monetize standby letter of credit intended for the completion of Ophir Collection acquisition, Novo Integrated Sciences said.

Late Thursday, the company said HSBC issued a Ready, Willing and Able of a standby letter of credit, under which it is projected to get about $78 million in gross funding proceeds around June 14.

The company's shares soared 117% in recent trading.

Price: 0.98, Change: +0.53, Percent Change: +117.29

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