Coveo Authorizes Share Buyback Program for Up to 5.1 Million Shares
Coveo Solutions Inc. has received approval from the Toronto Stock Exchange to launch a new normal course issuer bid, authorizing the company to repurchase up to 5,101,789 subordinate voting shares over the next year. The program, which represents 10% of the company's public float, begins on July 17, 2026.
The initiative follows the conclusion of the company’s previous buyback program, which saw the firm acquire 3,912,990 shares at a weighted average price of C$6.78. Under the new authorization, Coveo will conduct purchases through open market transactions on the TSX or alternative trading systems, with the buyback window remaining open until July 16, 2027. The company maintains that these repurchases serve as a strategic capital allocation tool, particularly when the market price of the shares fails to reflect the underlying value of the business.
To facilitate the program, Coveo has also renewed its automatic share purchase plan. This arrangement allows a designated broker to execute trades on the company's behalf during internal trading black-out periods, ensuring consistent participation in the market regardless of regulatory restrictions. Decisions regarding the volume, timing, and price of share acquisitions will remain subject to the firm's liquidity position, operational performance, and broader market conditions.
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