Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW), the provider of fully integrated device-to-cloud solutions for the Internet of Things (IoT), has announced that it has received approval from the Toronto Stock Exchange (“TSX”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “Bid”), the company said.
Pursuant to the Bid, Sierra Wireless may purchase for cancellation up to 3,580,668 of its common shares (“Common Shares”), or approximately 9.9% of the Common Shares outstanding as of the date of this announcement (representing 10% of the public float). As of July 24, 2018, there were 36,116,627 Common Shares of Sierra Wireless issued and outstanding, and the public float consisted of 35,806,687 Common Shares.
The actual number of Common Shares of the company that are purchased for cancellation under the Bid, if any, and the timing of such purchases will be determined by the company. The board of directors of Sierra Wireless believes that the proposed purchases are in the best interests of Sierra Wireless and are a desirable use of corporate funds.
Sierra Wireless is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. Customers Start with Sierra because we offer a device to cloud solution, comprised of embedded and networking solutions seamlessly integrated with our secure cloud and connectivity services.