DeFi
DeFi Technologies Announces Launch of Normal Course Issuer Offer
TORONTO, June 6, 2024 /PRNewswire/ – DeFi Technologies Inc. (the “Business” Or “DeFi Technologies“) (Cboe CA: DEFI) (GR: R9B) (OTC: DEFTF), a fintech company pioneering the convergence of traditional capital markets with the world of decentralized finance (“Challenge“), is pleased to announce its intention to launch a normal course issuer bid (“NCIB“) to repurchase common shares of the Company (the “Ordinary actions“) through the facilities of CBOE Canada Inc. (the “Exchange“) and/or other Canadian alternative trading platforms. The actual number of common shares that may be purchased under the NCIB and the exact timing of such purchases will be determined by the Company.
DeFi Technologies Logo (CNW Group/DeFi Technologies Inc.)
The Company is undertaking the NCIB because its management believes that, currently and from time to time, the market price of its common stock may not reflect the underlying value of the Company’s business and prospects. Management believes that, at such times, the purchase of shares of common stock for cancellation would be in the best interests of the Company’s shareholders and would be an appropriate use of its available liquidity. The Company’s current cash balance is approximately CA$69.9 million (US$51 million).
The Tender Offer has been approved by the Board of Directors of the Company and accepted by the Exchange and will be executed in accordance with the applicable rules and policies of the Exchange and all applicable Canadian securities laws. The tender offer will commence on June 10, 2024 and continue until June 9, 2025 or such earlier date on which the tender offer is completed.
Pursuant to the NCIB, the Company may, if it deems appropriate, purchase its common shares in open market transactions through the facilities of the Exchange and/or other alternative trading platforms. Canadian companies without exceeding 10% of the public float for the offer. Common shares as of June 3, 2024, or 26,996,392 common shares, purchased in total. The price the Company will pay for the Common Shares will be the market price prevailing at the time of purchase and all Common Shares purchased will be canceled by the Company. In accordance with the rules of the Exchange, daily purchases (except under a block purchase exception) on the Exchange under the NCIB cannot exceed 25% of the average daily trading volume on the Exchange as as measured from December 1, 2023 to May 31, 2024.
The company named Ventum Financial Corp. to coordinate and facilitate purchases under the NCIB.
About DeFi technologies
DeFi Technologies Inc. (CBOE CA: CHALLENGE) (GR: R9B) (OTC: DEFTF) is a fintech company pioneering the convergence of traditional capital markets with the world of decentralized finance (DeFi). Focusing specifically on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Supported by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Join the DeFi Technologies digital community on Linkedin And Twitterand for more details visit https://defi.tech/
The story continues
About Valor
Valor Inc. and Valor Digital Securities Limited (together, “Value“) issues exchange-traded products (“AND P”) which allow retail and institutional investors to access digital assets like Bitcoin simply and securely through their traditional bank account. Valor is part of the asset management business segment of DeFi Technologies Inc. (CBOE CA: CHALLENGE) (GR: R9B) (OTC: DEFTF).
In addition to their new physical-backed digital asset platform, which includes 1Valor Bitcoin Physical Carbon Neutral AND P, 1Valor Ethereum physical stakingAnd Physical Staking of 1Valour Internet Computers, Valor offers fully hedged digital asset ETPs with low to no management fees, with product listings on European exchanges, banks and brokerage platforms. Valor’s existing product line includes Valor Uniswap (United), Cardano (ADA), Peas (POINT), Solana (GROUND), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TONNE), computer Internet (PCI), Chain link (LINK) Enjin (ENJ), Valor Bitcoin Staking (BTC), carbon-neutral Bitcoin (BTCN), Valor 10 Digital Asset Basket (VDAB10) And 1Valor STOXX Bitcoin Switzerland Blue Chip Digital Asset ETP with low management fees. Valor’s flagship products are Bitcoin Zero and Ethereum Zero, the first passive investment products fully hedged with Bitcoin (BTC) and Ethereum (ETH) as completely free underlyings.
For more information about Valor, to subscribe, or to receive updates and financial information, visit value.com.
About reflexivity research
Reflexivity Research LLC is a leading research firm specializing in creating high-quality, in-depth research reports for the bitcoin and digital assets industry, providing investors with valuable insights. For more information, please visit https://www.reflexivityresearch.com/
Cautionary Note Regarding Forward-Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding NCIB; the development and listing of future ETPs; the regulatory environment as it relates to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, but are not limited to, acceptance of Valor exchange-traded products by exchanges; the growth and development of the decentralized finance and cryptocurrency sector; rules and regulations regarding decentralized finance and cryptocurrency; general uncertainties related to business, economics, competition, politics and society. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be materially different from those contained in forward-looking information. those anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update any forward-looking information except in accordance with applicable securities laws.
THE CBOE CANADA EXCHANGE DISCLAIMS ANY RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/defi-technologies-announces-launch-of-normal-course-issuer-bid-302165542.html
SOURCE DeFi Technologies Inc.