GIVX Givex Corp

TORONTO, Dec. 12, 2023 /PRNewswire/ - Givex Corp. ("Givex" or the "Company") (TSX: GIVX) (OTCQX: GIVXF) today announced that it has filed with the Toronto Stock Exchange (the "TSX"), and the TSX has accepted, a notice of intention of the Company to make a normal course issuer bid (the "NCIB") permitting Givex to purchase for cancellation up to 6,390,694 common shares ("Shares") over a 12-month period, representing approximately 5% of the Shares outstanding as of December 1, 2023. As of December 1, 2023, there are 127,813,871 issued and outstanding Shares in the capital of Givex.

The NCIB will commence on December 14, 2023 and terminate on December 13, 2024, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares on the TSX for the last six months (the "ADTV") is 39,317 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 9,829 Shares. Shares purchased under the NCIB will be cancelled.

Givex will enter into a share purchase plan with Canaccord Genuity Corp. in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of the Company. 

The Company believes that the Shares may from time-to-time trade in a price range that does not adequately reflect the value of the Shares in relation to the Company's activities and future prospects. As a result, the Company believes that the purchase of Shares, from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

On November 7, 2022, Givex filed with the TSX, and the TSX accepted, a notice of intention to make a NCIB permitting Givex to purchase for cancellation up to 6,101,326 Shares over a 12-month period, representing approximately 5% of the Shares outstanding as of November 7, 2022 (the "2022 NCIB"). Pursuant to the 2022 NCIB, Givex purchased 573,516 Shares through the facilities of the TSX or alternative Canadian trading systems. At the time of approval of the 2022 NCIB, the ADTV was 22,409 Shares. The price paid per purchased Share pursuant to the NCIB was the market price for the purchased Shares at the time of acquisition. The volume weighted average price paid per Share pursuant to the 2022 NCIB was $0.44. Givex entered into an automatic share purchase plan in connection with the 2022 NCIB to allow for the purchase of Shares during certain pre-determined blackout periods.

The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 128,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Such statements relate to, among other things, the Company's intention to purchase Shares pursuant to the NCIB, including through an automatic share purchase plan, the Company's belief that the Shares may from time to time be undervalued and that purchases of Shares under the NCIB will provide benefits to shareholders.  These statements reflect the Company's current views regarding future events and operating performance, are based on information currently available to the Company, and speak only as of the date of this press release. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.

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SOURCE Givex