Toronto, Ontario–(Newsfile Corp. – September 23, 2024) – Red Light Holland Corp. (CSE: TRIP) (OTCQB: TRUFF) (FSE: 4YX) (“Red Light” or the “Company”), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, as well as a premium brand of psilocybin truffles for the legal, recreational market within the Netherlands, is excited to announce a live Q&A session on Thursday, September 26th, at 11:00 AM ET. CEO Todd Shapiro and CFO Jon Szczur will provide updates on the Company’s progress and answer questions from shareholders.
The Board of Directors has authorized the repurchase under a normal course issuer bid (“NCIB”) of up to 20,046,794 common shares in the capital of the Company (“Common Shares”) from time to time over the next 12 months, through the facilities of the Canadian Securities Exchange (the “CSE”) or alternative trading systems, at prevailing market prices in order to allow the Company to use its excess cash reserves to strategically return value to shareholders.
Purchases under the NCIB may commence as of September 30, 2024 and will end on the earlier of: (i) September 30, 2025; or (ii) the date on which the Company has purchased the maximum number of Common Shares to be acquired under the NCIB. The Company may terminate the NCIB earlier if it feels it is appropriate to do so.
The NCIB does not obligate the Company to purchase any Common Shares. If management decides it has a better use for its cash reserves, it is under no obligation to continue to purchase Common Shares and share purchases may be suspended or terminated at any time at the Company’s discretion.
The Company has appointed Canaccord Genuity Corp. to conduct the NCIB. The purchase and payment of the Common Shares will be made in accordance with the requirements of the CSE and applicable securities laws. The Company will purchase Common Shares through the facilities of the CSE or alternative trading systems, at the prevailing market price on the CSE at the time of purchase, subject to limitations imposed by applicable securities laws. The actual number of Common Shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All Common Shares acquired will be returned to treasury and cancelled.
The Company’s Board of Directors believes that the market price of the Common Shares may from time to time not reflect the underlying value of the Company, specifically its growth opportunities, and that the proposed purchasing of its Common Shares is in the best interests of the Company and represents an appropriate use of corporate funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.
The Company previously repurchased for cancellation 1,462,000 Common Shares at an average price of approximately $0.063 per Common Share pursuant to a normal course issuer bid that existed over a 12-month period expiring July 4, 2024.
The live Q&A will provide an opportunity for shareholders to engage directly with Red Light’s leadership. Todd Shapiro stated, “We are looking forward to connecting with our shareholders during this live session. It’s important to us to maintain transparency and open communication, and we encourage everyone to participate and ask questions.”
A link to join the Q&A will be shared on the Company’s website and via a press release closer to the event date.
Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.