Kidoz Inc announced plans to acquire up to 5% of its issued and outstanding shares on the TSX Venture Exchange through a normal course issuer bid.
The mobile AdTech developer and owner of the Kidoz Contextual Ad Network and the Kidoz Publisher SDK may purchase its shares during the 12-month period commencing September 15, 2022, assuming receipt of regulatory approval.
In a statement, Kidoz told shareholders that its management and board of directors believe Kidoz shares have recently traded in a price range that represents a substantial discount to the company's net asset value and does not reflect their underlying value.
READ: Kidoz reports strong 2Q growth; reiterates full-year revenue guidance of $19M-$21M
Subject to the market price of its shares and other considerations, Kidoz may acquire over the next 12 months up to 6,579,074 shares, representing up to 5% of the issued and outstanding shares. Any purchases will be made at market prices through the facilities of the TSX-V.
The normal course issuer bid will be conducted through Kidoz Inc's broker Research Capital Corporation.
Shares of Kidoz were trading around C$0.26 on Monday morning in Toronto.
The company recently reported 2Q revenue of US$2.513 million, up from US$2.177 million in the same year-ago period, and reiterated its revenue guidance range of $19 million to $21 million for full-year 2022.
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