Cronos Extends a Share Repurchase Program to the Toronto Stock Exchange
Cronos Group (CRON.TO, CRON), up 2% at last look on Nasdaq in after-hours trading, after the close Tuesday said it received TSX approval for its normal-course issuer bid (NCIB).The company's NCIB was launched on May 14 and runs for 12 months.Pursuant to the share repurchase program, Cronos intends to purchase for cancellation up to US$50 million of shares. Under the TSX NCIB, Cronos may purchase up to 53,968 of its shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 215,873 shares on the TSX for the six months ended May 31, other than block purchase exemptions. Purchases under the TSX NCIB may commence on June 19, and continue until the date on which the share repurchase program terminates, the company said.Additionally, on Monday, Cronos obtained an exemption order from the Ontario Securities Commission, permitting it to make repurchases under the share repurchase program through the facilities of the Nasdaq and other United States-based trading systems in excess of the maximum that would otherwise be allowable under applicable Canadian securities laws absent an exemption.The company's shares rose $0.05 at last look to US$2.65 on Nasdaq after hours after closing down C$0.03 to C$3.66 on Toronto Stock Exchange.
