Sierra Wireless (NASDAQ:SWIR) has entered into an automatic share purchase plan (APP) with a designated broker to allow for the purchase of common shares under the NCIB at times when it would ordinarily not be permitted to purchase shares due to regulatory restrictions, the company said.
An APP permits the broker to effect repurchases of common shares in the future on an automatic basis regardless of any material, non-public information the company may be in possession of at such time. An APP can only be established at a time when the Company is not in possession of material, non-public information.
The NCIB commenced on February 9, 2016, and will terminate no later than February 8, 2017. All repurchases made under the APP will be included in computing the number of common shares purchased under the NCIB.
As of November 30, 2016, the company has repurchased a total of 809,872 Common Shares under the NCIB.
Sierra Wireless provides wireless solutions through its portfolio of 2G, 3G, and 4G embedded modules and gateways, integrated with its secure cloud and connectivity services. The company has more than 1,000 employees globally and operates R&D centers in North America, Europe, and Asia.