NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Boston, MA, Feb. 20, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”) announces today, as an update to its press release dated February 11, 2025, its intent to commence a normal course issuer bid through the facilities of the TSX Venture Exchange (the “TSXV“) to repurchase, for cancellation, up to 2,000,000 Class A subordinate voting shares of the Company, representing less than 3% of the Company’s presently issued and outstanding Class A subordinate voting shares (the “NCIB“). The NCIB remains subject to the final approval of the TSXV.
The NCIB will now commence on February 25, 2025 and will terminate upon the earliest of (i) the Company purchasing 2,000,000 Class A subordinate voting shares, (ii) the Company providing notice of termination of the NCIB, and (iii) February 24, 2026. Under the NCIB, the Company may not acquire more than 2% of its issued and outstanding subordinate voting shares in any 30-day period.
The Company believes that, from time to time, the market price of its Class A subordinate voting shares does not adequately reflect the Company’s underlying value and prospects and that, at such times, the purchase of the Company’s Class A subordinate voting shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
The Company has engaged Ventum Financial Corp. to act as its broker for the NCIB (the “Broker“). Trades made pursuant to the NCIB will be made on an as-directed basis, and the Company will not enter into an automatic share purchase plan entered into with the Broker. The NCIB will be made through the facilities of the TSXV and/or alternative authorized Canadian trading systems, and the purchase and payment for the Class A subordinate voting shares will be made from the Company’s existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All Class A subordinate voting shares purchased by the Company under the NCIB will be cancelled.
To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB. The Company completed a normal course issuer bid on September 20, 2023, under which the Company purchased 63,500 Class A subordinate voting shares at an average price of $0.444 per share, for an aggregate purchase price of $28,213. The Company also completed a normal course issuer bid on December 4, 2024, under which the Company purchased 46,700 Class A subordinate voting shares at an average price of $0.40 per share, for an aggregate purchase price of $18,680.
A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV in respect of the NCIB can be obtained from the Company upon request without charge.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. Through its company-owned and partner-operated studios, Company delivers high-quality nail care and esthetic services that incorporate the brand’s proprietary products. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, modern design, ethical labor practices, and better-for-you, cleaner products. MiniLuxe’s vision is to radically transform the highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that together enable better talent and client experiences.
Towards building long-term durable value for its stakeholders, MiniLuxe is expanding its reach through franchising and operating JV partners seeking ownership and impact with a brand recognized as the best nail salon franchise. Through self-care and self-expression, MiniLuxe is empowering one of the largest hourly work forces through professional development, economic mobility, and equity ownership. Since its founding, MiniLuxe has performed over 4.5 million services.
For further information
Christine Mastrangelo
Investor Relations, MiniLuxe Holding Corp.
[email protected]
MiniLuxe.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
