BriaCell Therapeutics Corp. (NASDAQ: BCTX) has disclosed that it has decided to launch the repurchase program of the firm and also confirmed that the Board of Directors of the firm has also provided permission for the buyback program of the firm. As per the buyback program, the firm may acquire more than 1,341,515 common shares.
The buyback program also includes the acquisition of more than 411,962 publicly traded BCTXW warrants in total. These signifying 10% of the 13,415,154 Common Shares and 10% of the 4,119,622 Listed Warrants including the "public float" as of September 8, 2021, over the next 12 months.
Furthermore, the facilitators of the firm in this buyback program include TSX Venture Exchange (TSXV) or The NASDAQ Capital Market. Independent Trading Group (ITG) Inc. will serve as the advisor and dealer manager of the firm in respect of the Buyback. The firm anticipates executing the terms of the Buyback and officially start the Buyback by September 14, 2021. Its execution is dependent on receiving any necessary regulatory approvals.
Additionally, the firm owns 15,269,583 Common Shares and 4,219,622 Listed Warrants issued and outstanding as of September 8, 2021. BriaCell’s cash balance as of July 31, 2021, stood at US$57 million. The buyback program will in no way impede with BriaCell’s ambitious growth plans to grow into earlier-declared areas of cancer immunotherapy and/or improve its current breast cancer clinical trials.