Summary by Moomoo AI
On June 6, 2024, Novo Integrated Sciences, Inc. announced that its Board of Directors has approved an increase in the maximum amount for its stock repurchase program from $5 million to $10 million. The decision to increase the repurchase limit is contingent upon the availability of excess funds, which may be generated from a program designed to monetize a Standby Letter of Credit for the Ophir Collection acquisition. Additionally, the company is awaiting funds from a $70 million promissory note, which after fees and expenses, will provide $57 million in lump sum debt funding. The repurchase of shares will be at the discretion of management and will depend on various market conditions and the company's capital position. Novo Integrated Sciences has clarified that the program...Show More