WELL Health Announces Approval of Normal Course Issuer Bid
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VANCOUVER, British Columbia — WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (' WELL ' or the ' Company '), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that the Notice of Intention to Make a Normal Course Issuer Bid (' NCIB ') it filed with the Toronto Stock Exchange (' TSX ') has been approved. The NCIB is an early renewal of its NCIB that was set to expire on June 9, 2025 (the ' 2024 NCIB ').
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WELL believes that purchases of its common shares (the ' Shares ') pursuant to the NCIB may contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders. In the event that WELL believes that its Shares begin trading in a price range that does not adequately reflect their underlying value based on WELL's business prospects and financial position, WELL may purchase Shares pursuant to the NCIB. Depending upon future price movements and other factors, WELL believes that its outstanding Shares may represent an attractive investment and a desirable use of a portion of its corporate funds.
As of May 7, 2025, the Company had 253,056,708 Shares issued and outstanding. Under the NCIB, the Company may acquire up to an aggregate of 6,326,417 Shares over the next 12-month period, representing approximately 2.5% of the issued and outstanding Shares of the Company. In accordance with TSX rules, daily purchases made by the Company on the TSX will not exceed 284,830 Shares, subject to certain prescribed exemptions, being 25% of the average daily trading volume over the preceding six calendar months of 1,139,321 Shares. The NCIB will be effective from May 20, 2025 to May 19, 2026. Purchases subject to this NCIB will be made on the open market through the facilities of the TSX and any Canadian alternative trading systems in Canada by a broker on behalf of the Company in accordance with applicable regulatory requirements. All Shares purchased under the NCIB will be returned to treasury for cancellation.
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Under the 2024 NCIB, the Company purchased 298,500 shares through the facilities of the TSX with a weighted average price of $4.91 per Share. Although the Company was eligible to purchase up to 6,154,501 Shares, the Company was unable to purchase additional shares due to the fact that its previous broker, Eight Capital, wound down operations in January 2025. The Company also allocated funds to alternative capital allocation opportunities to provide greater returns to shareholders.
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To the knowledge of the Company, no director, senior officer, or other insider of the Company or any of their associates currently intends to sell any Shares under this bid. However, sales by such persons through the facilities of the TSX or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased.
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WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 42,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 200 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol 'WELL' and on the OTC Exchange under the symbol 'WHTCF'. To learn more about the Company, please visit: www.well.company.
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