Neo Performance Materials Announces Normal Course Issuer Bid and Automatic Purchase Plan for its Common Shares, and Commences Trading on the OTCQX Market
TORONTO, June 6, 2025 /CNW/ - Neo Performance Materials Inc. (" Neo" or the " Company") (TSX: NEO) announced the Toronto Stock Exchange (the " TSX") has accepted a notice filed by Neo of its intention to make a Normal Course Issuer Bid (the " Bid") for up to 3,297,296 of its issued and outstanding common shares (the " Shares"). In connection with the Bid, the Company has entered into an automatic share purchase plan with its designated broker to allow for purchases of its Shares (the " Share Purchase Plan").
Purchases of Shares under the Bid may commence on June 11, 2025 and will terminate on June 10, 2026, or on such earlier date as the Bid is complete. Purchases of Shares will be made through the facilities of the TSX or alternative Canadian trading systems in accordance with its rules or through the Share Purchase Plan. Under the Share Purchase Plan, purchases may be made in the open market through the facilities of the TSX or alternative Canadian trading systems. Purchases under the Share Purchase Plan will be determined by Neo's broker in its sole discretion, without consultation with the Company, subject to the limitations of the Share Purchase Plan and the rules of the TSX. The Share Purchase Plan is considered an "automatic plan" for purposes of applicable Canadian securities laws and has been reviewed by the TSX. The Share Purchase Plan was established to provide standard instructions regarding how the Shares are to be purchased under the Bid. Accordingly, Neo may purchase its Shares in accordance with the Share Purchase Plan on any trading day during the Bid, including during self-imposed trading blackout periods. The Company may otherwise vary, suspend or terminate the Share Purchase Plan only if it does not have material non-public information, the decision to vary, suspend or terminate the Share Purchase Plan is not taken during a self-imposed trading blackout period and any variation, suspension or termination is made in accordance with the terms of the Share Purchase Plan.
The average daily trading volume of the Shares for the previous six calendar months (" ADTV") ending May 30, 2025 was 96,158 Shares. On any trading day, purchases under the Bid will not exceed 24,039 Shares. The price that the Company will pay for any Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Shares purchased by the Company will be cancelled.
As of May 30, 2025, there were 41,824,499 Shares issued and outstanding. The 3,297,296 Shares that may be repurchased under the Bid represent approximately 10% of the public float of Shares (as determined in accordance with the policies of the TSX) on May 30, 2025.
Neo believes that its Shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Neo and its future business prospects. As a result, depending upon future price movements and other factors, Neo believes that its outstanding Shares may represent an attractive investment to Neo. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in Neo.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company received approval from the TSX to purchase up to 3,585,011 Common Shares for the period from June 19, 2023 to June 18, 2024, the Company purchased an aggregate of 3,585,011 Common Shares on the open market at a volume average price of $7.91 per share.
Trading Commences on the OTCQX Market
Neo announced effective today, the Company's common shares will commence trading on the OTCQX ® Best Market ("OTCQX") under the symbol "NOPMF". Neo maintains its primary listing on the Toronto Stock Exchange under the symbol "NEO".
The OTCQX Best Market is the highest-level market of OTC Markets on which 12,000 U.S. and global securities trade. Trading on OTCQX is expected to enhance the visibility and accessibility of Neo's common shares to U.S. investors. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for Neo on www.otcmarkets.com.
Neo's CEO, Rahim Suleman, said: "We are pleased to begin trading on OTCQX, which enhances Neo's visibility and accessibility for U.S. investors. As a global leader in advanced rare earth materials, with a strong balance sheet and a growing magnetics business in Europe, we are well-positioned to support the accelerating demand for critical materials in electrification and other modern technologies. Trading on OTCQX provides an additional platform to broaden our shareholder base as we continue to execute on our strategic priorities and drive long-term value."
Admission to OTCQX requires companies to meet high financial standards, follow best practices in corporate governance, and demonstrate compliance with applicable securities laws, all of which align with Neo's ongoing commitment to transparency and strong corporate stewardship.
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo's advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo's products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes manufacturing facilities in Canada, China, Estonia, Germany, Thailand and the United Kingdom, as well as a dedicated research and development centre in Singapore.
For more information, please visit www.neomaterials.com.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to future events or future performance of the Company. All statements in this release, other than statements of historical facts, with respect to the Company's objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to: the expected benefits of being traded on the OTCQX and other matters relating thereto; expectations regarding certain of the Company's future results and information, including, among other things, revenue, expenses, sales growth, capital expenditures, and operations; statements with respect to expected use of cash balances; continuation of prudent management of working capital; source of funds for ongoing business requirements and capital investments; expectations regarding sufficiency of the allowance for uncollectible accounts and inventory provisions; analysis regarding sensitivity of the business to changes in exchange rates; impact of recently adopted accounting pronouncements; risk factors relating to intellectual property protection and intellectual property litigation; and, expectations concerning any remediation efforts to the Company's design of its internal controls over financial reporting and disclosure controls and procedures. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this press release should not be unduly relied upon. For more information on the Company, investors should review the Company's continuous disclosure filings that are available under the Company's profile at www.sedarplus.ca.
SOURCE Neo Performance Materials, Inc.
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