IMAX has announced a 3-year extension to the company’s share-repurchase program, which now extends through June 30th, 2026. The current share-repurchase program authorized the company to repurchase up to $400M of its common shares, of which approximately $191.5M remains available, and was originally set to expire on June 30th of this year.
Under the share-repurchase program, which commenced on July 1st, 2017, the company has repurchased a total of approximately 12.4 million common shares (or a 19.2% net reduction in shares outstanding) for an aggregate purchase price of approximately $208.5M.
Repurchases under the company’s share-repurchase program may be made either in the open market or through private transactions, including under Rule 10b5-1 plans, subject to market conditions and applicable legal requirements. IMAX has no obligation to repurchase shares, and the share-repurchase program may be suspended or discontinued by the company at any time. In addition, the $400M authorization does not include shares repurchased in connection with the administration of employee share-based compensation plans.