Coveo Renewals: Normal Course Issuer Bid and Share Purchase Plan for Business Growth
Coveo Announces Renewal of Normal Course Issuer Bid and Automatic Securities Purchase Plan
Montreal and San Francisco, July 15, 2025 /PRNewswire/ - Coveo Solutions Inc. (TSX: CVO), recognized as a leader in AI-Relevance, announced today an important strategic development regarding its financial operations. The company’s board of directors has authorized a renewal of its normal course issuer bid (NCIB), which has received approval from the Toronto Stock Exchange (TSX). Following the expiration of the previous NCIB on July 16, 2025, Coveo aims to purchase for cancellation up to 5,423,244 subordinate voting shares over the course of the next twelve months, starting July 17, 2025. This figure represents approximately 10% of the public float of shares as of July 4, 2025, when 55,730,805 shares were issued and outstanding.
This renewal is a direct follow-up to the earlier NCIB that allowed Coveo to acquire up to 2,690,573 shares, all of which were purchased within the allotted timeline. These transactions were executed in the open market on the TSX and alternative Canadian trading venues at an average price of CAD 6.43 per share, marking a significant investment into the company's own equity.
The NCIB will operate under TSX regulations, whereby shares will be purchased at market prices applicable at the time of the acquisitions. Additionally, Coveo reserves the right to engage in block purchases each week, as per TSX guidelines, albeit these block transactions must not involve insiders or major shareholders.
In conjunction with the NCIB, Coveo also revealed the renewal of its automatic share purchase plan (ASPP), enabling the company to buy back shares even during internal trading black-out periods. This is a tactical move that aims to present a steady mechanism for share repurchases, underpinned by predetermined guidelines set by Coveo prior to such events. The strategy significantly enhances share liquidity for those looking to sell, further demonstrating Coveo’s commitment to fostering long-term value for its shareholders.
Coveo’s management, along with its board, conceptualizes this renewal as an opportunistic alternate use of capital. They believe that the current market price of the shares may not accurately reflect the intrinsic value, and thus, executing repurchases will not only uplift shareholder equity but also drive greater overall business performance.
The specifics regarding the total number of shares repurchased, the timing, and the purchase price will hinge on a variety of considerations—these will include the capital and liquidity positions of Coveo, tax implications, operational performance, and fluctuating market dynamics.
As highlighted by the company's strategic position, Coveo is revolutionizing the landscape with its AI-Relevance platform. Designed to enhance digital experiences, Coveo ensures unparalleled personalization for each customer interaction, seamlessly aligning business offerings with individual preferences and behaviors at scale. The company's overarching goal is to redefine how enterprises engage with users, thereby maximizing business outcomes across all platforms and scenarios.
Coveo’s forward-looking strategies encompass enhancing shareholder engagement while simultaneously addressing customer needs through its advanced technology solutions. The AI-Relevance platform, noted for its compliance with stringent standards, is tailored to unite extensive datasets securely, providing actionable insights and elevating customer experience to unprecedented heights.
Coveo stands as a testament to innovative corporate governance, balancing financial maneuvers with a commitment to long-term growth, positioning itself firmly within the competitive technology landscape. Those interested in following Coveo’s progress and initiatives can stay updated via their official channels, which include their blog and social media outlets.
This release serves solely for informational purposes and does not constitute an offer to sell or solicit offers to buy Coveo's shares. Readers are advised to approach forward-looking statements with caution, as actual results may diverge significantly due to various risk factors that may arise.
About Coveo
Coveo Solutions Inc. interlaces superior AI-Relevance within digital experiences, emphasizing personalized engagement and substantial enterprise growth. With a commitment to delivering an exceptional level of contextual accuracy and operational efficiency, Coveo strives to transform how organizations build relationships with their clients and stakeholders.