NEW
YORK and TORONTO,
Aug. 9,
2023 /PRNewswire/ -- The INX Digital Company, Inc.
(NEO: INXD, INXATS: INX, OTCQB: INXDF) ("INX" or the
"Company"), the owner of digital asset trading platforms, is
pleased to announce that it intends to renew its normal course
issuer bid (the "NCIB") program to repurchase common shares
of the Company ("Common Shares"). Simultaneously with the
NCIB renewal, INX's subsidiary INX Limited is announcing that it
intends to renew its previously disclosed INX Token repurchase
program.
Pursuant to the NCIB, which has been accepted by the Neo
Exchange Inc., operating as Cboe Canada (the "NEO
Exchange"), the Company may purchase up to a maximum of
12,713,823 Common Shares, representing approximately 10% of the
public float of its Common Shares as of July
28, 2023, provided that the aggregate purchase price for any
Common Shares acquired under the NCIB, and the aggregate purchase
price for any tokens of INX Limited ("INX Tokens") acquired
under its token repurchase program during the term of the NCIB
must not exceed US$5 million.
Purchases under the NCIB may be made through open market
transactions on the NEO Exchange and/or any Canadian alternative
trading systems on which the Common Shares are traded, based on the
prevailing market price. In accordance with NEO Exchange rules,
daily purchases (other than pursuant to a block purchase exception)
under the NCIB cannot exceed 31,348 Common Shares, representing 25%
of the average daily trading volume on the NEO Exchange, being
125,392 Common Shares as measured from January 26, 2023, to July
26, 2023. Any Common Shares purchased under the NCIB
will be canceled.
Under the INX Limited token repurchase program, repurchases can
be made from time to time using a variety of methods, including
open market purchases, all in compliance with the rules of the
United States Securities and Exchange Commission and other
applicable legal requirements. The repurchase program does not
obligate the Company to acquire any particular number of tokens,
and the repurchase program may be suspended or discontinued at any
time at the discretion of INX Limited. INX Tokens purchased under
the INX Limited token repurchase program will be retired. The
timing and actual number of INX Tokens repurchased will depend on a
variety of factors, including price, general business and market
conditions, alternative investment opportunities, and
applicable regulatory requirements.
Transactions under the NCIB will depend on future market
conditions. The Company will retain discretion on whether to make
purchases under the NCIB and to determine the timing, amount, and
acceptable price of any such purchases, subject at all times to
applicable NEO Exchange and other regulatory requirements. The
Company believes that the purchase of Common Shares from time to
time can be undertaken at prices that do not fully reflect their
value. The Company believes that, in such circumstances, the
repurchase of Common Shares represents an appropriate use of the
Company's available funds to support shareholder value.
The Company has appointed PI Financial Corp. as the broker
through which the Company will conduct purchases under the NCIB.
The purchases will be completed pursuant to the policies of the NEO
Exchange.
The period during which the Company will be authorized to make
purchases under the NCIB, and which INX Limited will be
authorized to make purchases under the token repurchase program
will commence on August 11, 2023, and
end at the earliest of (i) August 10,
2024, (ii) such earlier date on which the aggregate maximum
number of Common Shares are purchased under the NCIB, or (iii) such
earlier date on which the aggregate purchase price for Common
Shares under the NCIB and the INX Tokens under the INX Limited
token purchase program for INX Tokens reaches US$5 million.
Under its prior NCIB that commenced on March 23, 2022, and expired on March 23, 2023, INX received approval from
the NEO Exchange to purchase up to a maximum of 10,206,807 Common
Shares. INX purchased 96,500 Common Shares under its prior NCIB
through open market purchases on the NEO Exchange. No INX
Tokens were repurchased by the Company under the prior token
repurchase program, which was in place during the 2022 calendar
year.
About INX:
INX provides a regulated trading platform for digital securities
and cryptocurrencies. With the combination of
traditional markets expertise and a disruptive fintech approach,
INX provides state-of-the-art solutions to modern financial
problems. INX is led by an experienced and dedicated team of
business, finance, and technology veterans with the shared vision
of redefining the world of capital markets via blockchain
technology and an innovative regulatory approach.
About The INX Digital Company, Inc.
INX is the holding company for the INX Group, which includes
regulated trading platforms for digital securities and
cryptocurrencies, combining traditional markets
expertise and an innovative fintech approach. The INX Group's
vision is to be the preferred global regulated hub for digital
assets on the blockchain. The INX Group's overall mission is to
bring communities together and empower them with financial
innovation. Our journey started with our initial public token
offering of the INX Token, in which we raised US $84 million. The INX Group is shaping the
blockchain asset industry through its willingness to work in a
regulated environment with oversight from regulators like the SEC
and FINRA. In addition to operating two regulated trading platforms
for blockchain assets, INX's interdealer broker, I.L.S. Brokers,
plans to offer non-deliverable cryptocurrency forwards
to Tier-1 banks in the future. For more information, please visit
the INX Group website here.
Cautionary Note Regarding Forward-Looking Information and
Other Disclosures
This press release contains statements that constitute
"forward-looking information" ("forward looking
information") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. In disclosing the forward-looking
information contained in this press release, INX has made certain
assumptions, including with respect to, the continuous development
of the INX trading platform, the offering of
non-deliverable cryptocurrency forwards, and the
development of the digital asset industry. Although INX
believes that the expectations reflected in such forward-looking
information are reasonable, it can give no assurance that the
expectations of any forward-looking information will prove to be
correct. Known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
information. Such factors include but are not limited to regulatory
developments, the state of the digital securities and
cryptocurrencies markets, and general economic
conditions. Accordingly, readers should not place undue reliance on
the forward-looking information contained in this press release.
Except as required by law, INX disclaims any intention and assumes
no obligation to update or revise any forward-looking information
to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting
such forward-looking information or otherwise.
The NEO Exchange is not responsible for the adequacy or
accuracy of this press release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the U.S. Securities
Act or any state securities laws and may not be offered or sold
within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For further information, contact:
The INX Digital Company, Inc.
Investor Relations
+1 855 657 2314
Contact: Alan Silbert
Title: CEO, North America
Email: investorrelations@inx.co
Website: https://www.inx.co/
Twitter: https://twitter.com/INX_Group
Telegram: https://t.me/INXCommunity
For more information, contact:
Liz Whelan
liz@lwprconsulting.com
(312) 315-016
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-inx-digital-company-inc-announces-normal-course-issuer-bid-ncib-and-inx-limited-token-repurchase-program-301896820.html
SOURCE The INX Digital Company, Inc.
