Sangoma Technologies Corporation (SANG) Tuesday announced a Normal Course Issuer Bid - NCIB for its common shares following the early achievement of its debt reduction targets.
On March 24, 2025, the company made an additional $2.9 million debt repayment, bringing total Q3 repayments to $7.3 million and fully settling Term Loan 1. This reduces Sangoma's total debt to $53 million, surpassing its Fiscal 2025 target of $55-$60 million ahead of schedule.
With strengthened financial flexibility, Sangoma plans to repurchase up to 1,679,720 shares - 5% of outstanding shares between March 27, 2025, and March 26, 2026 through the TSX, Nasdaq Global Select Market, or alternative Canadian trading systems. Shares will be acquired at market price and canceled.
The average daily trading volume - ADTV of Sangoma shares on the TSX over the past six months is 37,718, with daily repurchases limited to 9,429 shares under TSX policies, except for one block purchase per week. The NCIB will be funded through surplus cash from operations.
Additionally, Sangoma has entered into an automatic share purchase plan with a designated broker to facilitate repurchases during blackout periods.
Tuesday, SANG closed at $4.79, up 0.63%, and is currently trading after hours at $4.59, down 4.18% on the Nasdaq Global Select Market.
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