Novo Integrated Sciences Surge After Letter of Credit and Buyback Updates

Dow Jones06-01

By Josh Beckerman

Novo Integrated Sciences shares more than doubled Friday after news that HSBC issued a Ready, Willing and Able letter for a program to monetize a standby letter of credit and that Novo may increase the amount of stock buybacks.

Shares were recently at $1.18, compared with Thursday's closing price of 45 cents. Volume was more than 287 million shares, compared with a 65-day average of 1.02 million.

Novo, which provides healthcare services and produces nutraceuticals and other items, said Thursday that it expects to receive gross funding proceeds of about $78 million under the SBLC instrument, on or before June 14. It said the proceeds will secure the closing of its agreement to buy the Ophir Collection, resulting in sole unfettered ownership of the gemstone collection.

Novo said in December that the $60 million purchase was expected to result in a "significant cash surplus position while providing the company with both debt retirement and growth initiative solutions."

Novo, which previously approved the repurchase of up to $5 million of stock, said Friday that its board is considering whether to increase the maximum amount.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 31, 2024 14:39 ET (18:39 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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