As previously reported, the Board of Directors (the “Board”) of Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”) approved the repurchase of up to $5 million of the Company’s outstanding common stock from time to time in the open market at prevailing market prices or in privately negotiated transactions (the “Stock Repurchase Program”). The Company today announced that the Board is conducting a strategic review to determine whether it is appropriate to increase the maximum amount that can be repurchased pursuant to the Stock Repurchase Program based on the amount, if any, of excess funds that may be generated from the recently disclosed program to monetize a Standby Letter of Credit intended to complete the Ophir Collection acquisition.
Pending receipt of funds from the unsecured 15-year $70,000,000 promissory note with RC Consulting Consortium Group, LLC in favor of SCP Tourbillion Monaco for a lump sum debt funding of $57,000,000, less fees and expenses, the amount and timing of any shares repurchased under the Stock Repurchase Program will be determined at the discretion of management and will depend on a number of factors, including the market price of the Company's stock, trading volume, general market and economic conditions, the Company's capital position, legal requirements, and other factors. The Stock Repurchase Program does not obligate the Company to acquire any particular number of shares, and the Stock Repurchase Program may be discontinued at any time at the Company's discretion.
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