Foresight News: INX Digital Company, a cryptocurrency exchange operator, has released updates on its Normal Course Issuer Bid (NCIB) program to repurchase the company's common shares. In addition, its subsidiary INX Limited plans to renew the previously disclosed INX token buyback program. The NCIB program allows the company to purchase up to 12,713,823 common shares, which is approximately 10% of the company's publicly held shares. However, the total purchase price of any common shares acquired under the NCIB and any INX tokens acquired under the INX Limited token buyback program during the NCIB term must not exceed $5 million.
Purchases under the NCIB can be made at prevailing market prices through the NEO Exchange or any Canadian trading system's public market. According to NEO Exchange rules, daily purchases under the NCIB must not exceed 31,348 common shares, which is 25% of the NEO Exchange's average daily trading volume of 125,392 common shares for the period from January 26, 2023, to July 26, 2023. Any common shares acquired under the NCIB will be canceled.
Under the token buyback program, repurchases can be made using various methods, including public market purchases. The program does not require the company to buy any specific number of tokens, and INX Limited may decide to suspend or terminate the buyback program at any time at its discretion.
