VANCOUVER, BC, June 6, 2024
/PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX:
WHTCF) ("WELL" or the "Company"), a digital health
company focused on positively impacting health outcomes by
leveraging technology to empower healthcare practitioners and their
patients globally, is pleased to announce that its Notice of
Intention to Make a Normal Course Issuer Bid ("NCIB") filed
with the Toronto Stock Exchange ("TSX") has been approved.
The NCIB is a renewal of its NCIB that expired on June 4, 2024.
WELL believes that purchases of its common shares (the
"Shares") pursuant to the NCIB may contribute to the
facilitation of an orderly market and is in the best interests of
the Company and its shareholders. In the event that WELL believes
that its Shares begin trading in a price range that does not
adequately reflect their underlying value based on WELL's business
prospects and financial position, WELL may purchase Shares pursuant
to the NCIB. Depending upon future price movements and other
factors, WELL believes that its outstanding Shares may represent an
attractive investment and a desirable use of a portion of its
corporate funds.
As of May 31, 2024, the Company
had 246,180,060 Shares issued and outstanding. Under the NCIB, the
Company may acquire up to an aggregate of 6,154,501 Shares over the
next 12-month period, representing approximately 2.5% of the issued
and outstanding Shares of the Company. In accordance with TSX
rules, daily purchases made by the Company on the TSX will not
exceed 209,016 Shares, subject to certain prescribed exemptions,
being 25% of the average daily trading volume over the preceding
six calendar months of 836,067 Shares. The NCIB will be effective
from June 10, 2024 to June 9,
2025. Purchases subject to this NCIB will be made on the open
market through the facilities of the TSX and any Canadian
alternative trading systems in Canada by a broker on behalf of the Company in
accordance with applicable regulatory requirements. All Shares
purchased under the NCIB will be returned to treasury for
cancellation.
Under the previous NCIB, as of May 31,
2024, the Company's purchased 119,400 Shares through the
facilities of the TSX with an average weighted price of
$3.70 per Share. Although the Company
was eligible to purchase up to 5,884,589 Shares, instead of
purchasing the maximum permitted amount, the Company allocated
funds to alternative capital opportunities to provide greater
returns to shareholders. All Shares purchased under the NCIB were
returned to treasury for cancellation.
To the knowledge of the Company, no director, senior officer, or
other insider of the Company or any of their associates currently
intends to sell any Shares under the NCIB. However, sales by such
persons through the facilities of the TSX or any other available
market or alternative trading system in Canada may occur if the personal circumstances
of any such person change or if any such person makes a decision
unrelated to these normal course purchases. The benefits to any
such person whose Shares are purchased would be the same as the
benefits available to all other holders whose Shares are
purchased.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
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SOURCE WELL Health Technologies Corp.
