Topic: Stock sale/buyback submission
Axis Auto Finance Inc.,Ash” or “company“) (TSX: AXIS), a fast-growing financial technology company that has changed the way Canadians buy and finance used vehicles, today announced that the Toronto Stock Exchange (“tsx“) has accepted a letter of intent to bid for a publisher of a common curriculum, submitted by Axis (“offer“) for up to 6,105,497 of its issued and outstanding common shares (“shares“). Bidding will be conducted through Canaccord Genuity Corp., a member of the TSX, and will be made in accordance with TSX policies.
The purchase of shares under the offer may begin on November 26, 2022 and end on November 25, 2023, or an earlier date subject to completion of the offer. The shares will be purchased through the facilities of the TSX or the Alternative Canadian Trading System in accordance with its rules.
Average daily trading volume of shares for the previous six calendar months (“ADTV“) were 6,432 Shares at the end of October 31, 2022. Purchases under the Offer will not exceed 1,608 Shares on any dealing day. The price the Company will pay for all Shares purchased under the Offer is at the time of the Offer. The prevailing market price will be. Purchase. Shares purchased by the Company will be cancelled.
As of November 18, 2022, there were 122,109,949 shares issued and outstanding. The 6,105,497 shares that may be repurchased under the offer represent approximately 5% of the issued and outstanding shares (as determined in accordance with the TSX policy) as of November 18, 2022.
Axis believes its shares trade in a price range that does not adequately reflect the value of such shares in relation to Axis’ business and its future business prospects. Accordingly, based on future price movements and other factors, Axis believes that the outstanding shares may be an attractive investment for Axis. In addition, the purchase is expected to benefit all persons who continue to hold shares in Axis by increasing their equity interest.
Pursuant to the prior notice of intent to bid for a common course publisher, pursuant to which the company will be listed on the TSX Venture Exchange (“TSXV“) For the purchase of up to 6,907,562 shares for the period from November 26, 2021 to November 25, 2022, the Company purchased a total of 6,670,000 shares in open market transactions through the facilities of TSXV, TSX and alternative trading for $0, 61 System at the weighted average purchase price.
About Axis Auto Finance
Axis is a financial technology company that is changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal DriveAxis.ca, customers can select their next used vehicle, arrange financing and have the car delivered to their doorstep. In addition, the company continues to expand B2B non-prime auto loans by providing innovative technology solutions and superior service to its dealer partner network. All Axis auto loans report to Equifax, with more than 70% of customers seeing a significant improvement in their credit scores. More information about the company can be found at
The TSX Exchange has neither approved nor disapproved of the contents of this press release. Neither the Exchange nor its Regulatory Service Provider (as defined in the Exchange Policies) accept responsibility for the adequacy or accuracy of this release.
News Published on November 24, 2022 at 9:40 AM and distributed by: