The INX Digital Company, Inc. (NEO: INXD, INXATS: INX, OTCQB: INXDF), a regulated owner of the digital asset trading platform, announced on August 9, 2023 its intention to renew its NCIB (Normal Course Issuer Bid) program to buy back common stock of the company. In addition, INX’s subsidiary, INX Limited, plans to extend its INX Token buyback program.
NCIB program details
The NCIB, accepted by Neo Exchange Inc., operating as Cboe Canada, allows the company to purchase up to 12,713,823 shares of common stock, approximately 10% of the IPO as of July 28, 2023. The aggregate purchase price for all common stock acquired under the NCIB and INX Tokens obtained under the token buyback program cannot exceed US$5 million.
Purchases under the NCIB can be made through open market transactions on the NEO Exchange and/or Canadian Alternative Trading Systems. Daily purchases cannot exceed 31,348 common shares, 25% of the average daily trading volume on the NEO Exchange measured from January 26, 2023 to July 26, 2023. All common shares purchased will be cancelled.
INX Limited Token Buyback Program
Redemptions may be made under this program in a variety of ways, including purchases on the open market, in compliance with US SEC rules and other regulatory requirements. The buyback program does not require the company to acquire a specific number of tokens and may be suspended or discontinued at the discretion of INX Limited. Purchased INX tokens will be revoked.
Time and conditions
The period in which purchases under the NCIB and token repurchase program begin on August 11, 2023 and end no earlier than August 10, 2024, or when the total maximum number of common shares is purchased, or when the total purchase price reaches $5 million.
Under its previous NCIB which started on March 23, 2022 and ended on March 23, 2023, INX bought 96,500 shares of common stock and did not buy back any INX tokens.
Broker appointment
The company has PI Financial Corp. appointed as a broker to make purchases under the NCIB, in accordance with the policies of the NEO Exchange.
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