TORONTO, Nov. 7, 2024
/CNW/ - Propel Holdings Inc. ("Propel" or the
"Company") (TSX: PRL), the fintech facilitating
access to credit for underserved consumers, today announced that
the Toronto Stock Exchange (the "TSX") has accepted its
notice of intention to proceed with a normal course issuer bid
("NCIB").
The Company's Board of Directors believes that a NCIB represents
an appropriate and desirable use of its available liquidity, after
investing in its strategic growth initiatives, to increase
shareholder value and is in the best interest of Propel and its
shareholders.
Pursuant to the notice, the Company may purchase up to
1,974,563 of its common shares ("Shares"), representing
approximately 10% of the public float of 19,745,636 Shares as
at October 30, 2024, during the
twelve-month period commencing November 11,
2024 and ending November 10,
2025. As at October 30, 2024,
there were 34,400,073 Shares issued and outstanding. Under the
NCIB, other than purchases made under block purchase exemptions,
Propel may purchase up to 27,756 Shares on the TSX during any
trading day, which represents approximately 25% of 111,024, which
represents the average daily trading volume on the TSX for the most
recently completed six calendar months prior to the TSX's
acceptance of the notice of the NCIB. Any Shares purchased
under the NCIB will be cancelled.
The Company's prior normal course issuer bid commenced on
September 11, 2023 and expired on
September 10, 2024, under which the
Company was authorized to purchase for cancellation up to 1,716,266
Shares. No Shares were purchased by the Company under the Company's
prior normal course issuer bid.
Although the Company intends to purchase Shares under its NCIB,
there can be no assurances that any such purchases will be
completed. Any purchases made under the NCIB will be made by Propel
subject to favourable market conditions at the prevailing market
price at the time of acquisition through the facilities of the TSX
and/or alternative Canadian trading systems. Purchases under
the NCIB may be made by means of open market transactions,
privately negotiated transactions or such other means as a
securities regulatory authority may permit.
About Propel
Propel Holdings Inc. (TSX: PRL) is the fintech company building
a new world of financial opportunity for consumers, partners, and
investors. Propel's operating brands — Fora Credit, CreditFresh and
MoneyKey — and our Lending-as-a-Service product line facilitate
access to credit for consumers underserved by traditional financial
institutions. Through its groundbreaking AI-driven platform, Propel
evaluates customers in a more comprehensive way than traditional
credit scores can. The result is better products and an expanded
credit market for consumers while creating sustainable, profitable
growth for Propel. Our revolutionary fintech platform has already
helped consumers access over one million loans and lines of credit
and over one billion dollars in
credit. At Propel, we are here to change the way customers,
partners and investors succeed together. Learn more
at www.propelholdings.com.
Forward-Looking Information
Certain information contained in this press release may
constitute forward-looking information under applicable securities
laws, including statements related to the Company's NCIB, automatic
securities purchase plan and other statements that are not
historical facts. Often but not always, forward-looking statements
can be identified by the use of forward-looking terminology such as
"may", "will", "expect", "believe", "estimate", "plan", "could",
"should", "would", "outlook", "forecast", "anticipate", "foresee",
"continue" or the negative of these terms or variations of them or
similar terminology. This information is based on management's
reasonable assumptions and beliefs in light of the information
currently available to us and are made as of the date of this press
release.
Many factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in the "Risk Factors" section of the Company's
annual information form dated March 12,
2024 for the year ended December 31,
2023 (the "AIF"). A copy of the AIF and the Company's
other publicly filed documents can be accessed under the Company's
profile on SEDAR+ at www.sedarplus.ca.
The Company cautions that the list of risk factors and
uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating the forward-looking information and are cautioned not to
place undue reliance on such information. The forward-looking
information contained in this press release represents our
expectations as of the date of this press release (or as the date
they are otherwise stated to be made), and are subject to change
after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this statement.
SOURCE Propel Holdings Inc.