Propel Announces Normal Course Issuer Bid

TORONTO, Nov. 7, 2024 /CNW/ - Propel Holdings Inc. ("Propel" or the "Company") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, today announced that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to proceed with a normal course issuer bid ("NCIB").

The Company's Board of Directors believes that a NCIB represents an appropriate and desirable use of its available liquidity, after investing in its strategic growth initiatives, to increase shareholder value and is in the best interest of Propel and its shareholders.

Pursuant to the notice, the Company may purchase up to 1,974,563 of its common shares ("Shares"), representing approximately 10% of the public float of 19,745,636 Shares as at October 30, 2024, during the twelve-month period commencing November 11, 2024 and ending November 10, 2025. As at October 30, 2024, there were 34,400,073 Shares issued and outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Propel may purchase up to 27,756 Shares on the TSX during any trading day, which represents approximately 25% of 111,024, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB.  Any Shares purchased under the NCIB will be cancelled.

The Company's prior normal course issuer bid commenced on September 11, 2023 and expired on September 10, 2024, under which the Company was authorized to purchase for cancellation up to 1,716,266 Shares. No Shares were purchased by the Company under the Company's prior normal course issuer bid.

Although the Company intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed. Any purchases made under the NCIB will be made by Propel subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems. Purchases under the NCIB may be made by means of open market transactions, privately negotiated transactions or such other means as a securities regulatory authority may permit.

About Propel

Propel Holdings Inc. (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel's operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its groundbreaking AI-driven platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel. Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at www.propelholdings.com. 

Forward-Looking Information

Certain information contained in this press release may constitute forward-looking information under applicable securities laws, including statements related to the Company's NCIB, automatic securities purchase plan and other statements that are not historical facts. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's annual information form dated March 12, 2024 for the year ended December 31, 2023 (the "AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca. 

The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

SOURCE Propel Holdings Inc.