SOL Global To Repurchase Up To $30M In Shares, Announces Substantial Issuer Bid

SOL Global Investments Corp. SOL SOLCF 9SB announced on Thursday that it will repurchase up to $30 million of its common shares.

Based in Toronto, the company said that its board of directors approved the launch and terms of a substantial issuer bid under which SOL Global will offer to purchase for cancellation up to $30 million of its outstanding common shares.

Clarus Securities Inc. agreed to act as financial advisor and dealer manager for the transaction 

that will proceed by way of a “Dutch auction.”

Holders of common shares wishing to tender to the offer will be entitled to specify the number of shares being tendered at a price of not less than $4.05 and not more than $4.25 per share in increments of 5 cents per share.

The company said that the purchase price it will pay for each validly deposited common share will be set once the offer expires and will be based on the number of common shares validly deposited and the prices determined by shareholders as part of their auction tender.

Last month, SOL Global Investments Corp. completed a $20 million investment in Michigan-based cannabis operator Common C Holdings LP by acquiring 1.4 million of its class B common units as part of the deal.

Price action: SOL Global’s shares traded 7.23% higher at $3.04 per share at the time of writing Thursday morning.

Photo: Courtesy of  Michael Fischer from Pexels