The company will repurchase approximately 5% of its outstanding shares over the next year, subject to regulatory approval.
xTAO (XTAIF) announced its board authorized a normal course issuer bid to repurchase and cancel up to 1.43M common shares. The move represents about 5% of its outstanding shares.
The buyback program is set to run for up to one year once commenced, though it may conclude earlier. The company plans to engage Ventum Financial as the broker to execute the purchases.
No immediate market reaction was disclosed in the announcement.