Coveo Completes Substantial Issuer Bid and Renews Normal Course Issuer Bid

Substantial Issuer Bid Completion

Coveo Solutions Inc., a leading AI-powered relevance platform, has announced the successful completion of its substantial issuer bid (SIB) 1

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. The company repurchased and cancelled approximately 4,519,774 subordinate voting shares at a price of C$11.00 per share, for an aggregate purchase price of approximately C$49.7 million 2

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Normal Course Issuer Bid Renewal

Following the completion of the SIB, Coveo has announced the renewal of its normal course issuer bid (NCIB) program 1

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. The Toronto Stock Exchange (TSX) has approved the company's notice of intention to renew its NCIB, allowing Coveo to purchase up to 4,925,372 subordinate voting shares, representing 10% of its public float as of July 31, 2023 2

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Automatic Securities Purchase Plan

In conjunction with the NCIB renewal, Coveo has established an automatic securities purchase plan (ASPP) with a designated broker 1

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. This plan allows for the purchase of subordinate voting shares under the NCIB at times when Coveo would not ordinarily be permitted to do so due to regulatory restrictions or self-imposed blackout periods 2

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Share Repurchase Details

Under the NCIB, Coveo may repurchase up to 38,139 subordinate voting shares during any trading day, representing 25% of the average daily trading volume on the TSX for the six months ending July 31, 2023 2

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. The NCIB will commence on August 17, 2023, and continue until August 16, 2024, unless completed or terminated earlier 1

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Financial Implications

The company believes that the repurchase of subordinate voting shares represents an appropriate use of its available cash and is in the best interest of Coveo and its shareholders 2

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. The NCIB provides Coveo with a flexible mechanism to manage its capital structure and deliver value to shareholders 1

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Market Impact

As of August 11, 2023, Coveo had 103,443,979 issued and outstanding subordinate voting shares 2

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. The NCIB allows for the repurchase of up to 4.76% of the company's issued and outstanding subordinate voting shares as of that date 1

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. This move is expected to have a positive impact on the company's stock value and shareholder returns.