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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sierra Wireless Inc | TSX:SW | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.99 | 40.82 | 41.28 | 0 | 01:00:00 |
Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW) (“Sierra Wireless” or the “Company”) today announced that, in connection with its previously announced normal course issuer bid (the “NCIB”) to purchase for cancellation up to 3,149,199 of its common shares (“Common Shares”), it 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 the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions.
Pursuant to the U.S. Securities and Exchange Commission’s Rule 10b5-1 and applicable Canadian provincial securities legislation, including the guidance under the Ontario Securities Commission’s Staff Notice 55-701, 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. Once the APP is established, the Company is not permitted to exercise any further discretion or influence over how repurchases will occur under the APP. Purchases of Common Shares by the broker are subject to certain price limitations and other parameters prescribed by the Toronto Stock Exchange (the “TSX”), applicable securities laws and the terms of the APP. The Company may only suspend or terminate the APP in the future if it is not in possession of any material, non-public information at the time and it notifies the public accordingly. The APP has been pre-cleared by the TSX and will be implemented effective February 29, 2016. The first purchases under the APP may commence on April 1, 2016, following the completion of a voluntary 30-day “cooling-off period”.
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 February 29, 2016, the Company has repurchased a total of 549,583 Common Shares under the NCIB.
Cautionary Note Regarding Forward-Looking StatementsCertain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”), including statements regarding the intention to acquire securities under the NCIB, the number of shares that may be acquired under the NCIB, the potential purchase of shares by the broker under the APP and the future suspension or termination of the APP. Forward-looking statements are provided to help you understand our views of our short and longer term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws.
Forward-looking statements:
About Sierra WirelessSierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 1,000 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.
"AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160229006922/en/
Sierra Wireless, Inc.David G. McLennan, 604-231-1181Chief Financial Officerdmclennan@sierrawireless.com
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