NEW
YORK, May 26, 2023 /CNW/ - Galaxy Digital
Holdings Ltd. (TSX: GLXY) ("Galaxy" or "the Company"), a financial
services and investment management innovator in the digital asset
and blockchain technology sectors, today announced that the Toronto
Stock Exchange ("TSX" or the "Exchange") has approved the Company's
plan to renew its normal course issuer bid (a "Bid") to purchase up
to 10,056,193 ordinary shares (10% of the Company's public float as
of May 19, 2023).
The Company intends to commence the renewed Bid on May 31, 2023. The Bid will terminate on
May 30, 2024, or earlier if the
maximum number of shares under the Bid have been purchased. The
Company reserves the right to terminate the Bid earlier if it feels
it is appropriate to do so.
Under Galaxy's prior normal course issuer bid (the "Prior Bid"),
which commenced on May 18, 2022, the
Company obtained approval to purchase up to a total of 10,596,720
Ordinary Shares. Pursuant to the Prior Bid, the Company purchased,
on the open market through the facilities of the TSX and
alternative Canadian trading systems, the maximum of 10,596,720
ordinary shares allowed under the Prior Bid at a weighted-average
price of approximately $6.65 CAD per
Ordinary Share.
The Company may use the program opportunistically at times when
it believes that the current market price of its shares does not
reflect their intrinsic value and that purchasing its own ordinary
shares is consistent with the objective of creating long term
shareholder value.
Additional information regarding the Bid:
- Daily purchases will be limited to 210,504 ordinary shares,
other than block purchase exceptions. As at May 19, 2023, the Company had 106,209,761
ordinary shares issued and outstanding and a public float of
100,561,931 ordinary shares.
- Subject to approval of the TSX, the Company may enter into a
share purchase plan (the "Plan") to facilitate the purchase of
ordinary shares pursuant to the bid and under which its broker may
purchase ordinary shares according to a prearranged set of
criteria. If implemented, the Plan will enable the purchase of
ordinary shares at any time, including when the Company would not
ordinarily be active in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. Any such
plans entered into will be adopted in accordance with applicable
securities laws and announced by press release. Outside of the
restricted periods, the timing of purchases will be determined by
management of the Company.
- Purchases will be made on the open markets through the
facilities of the TSX as well as through alternate trading systems
in Canada upon which the shares
are traded. The actual number of shares that may be purchased under
the Bid, the value of the consideration per share, and the exact
timing of any such purchases will be determined by the Company and
will depend on, among other things, future market conditions. All
shares will be purchased for cancellation.
- All shares purchased by the Company under the Bid will be
purchased at the market price at the time of acquisition in
accordance with the rules and policies of the TSX and applicable
securities laws. All purchases will be funded out of the Company's
working capital.
- The Bid has been approved by the Company's Board of
Directors.
- The ordinary shares will be purchased on behalf of the Company
by Goldman Sachs Canada Inc.
- The average daily trading volume for the six calendar months
prior to May 26, 2023 was 842,017
ordinary shares.
About Galaxy
Galaxy (TSX: GLXY) is a digital asset and blockchain leader
providing access to the growing digital economy. We serve a
diversified client base, including institutions, startups, and
qualified individuals. Since 2018, Galaxy has been building a
holistic financial platform spanning three complementary operating
businesses: Global Markets, Asset Management, and Digital
Infrastructure Solutions. Our offerings include, amongst others,
trading, lending, strategic advisory services, institutional-grade
investment solutions, proprietary bitcoin mining and
hosting services, network validator services, and the development
of enterprise custodial technology. The company is headquartered in
New York City, with global offices
across North America, Europe, and Asia.
Additional information about Galaxy's businesses and products is
available on www.galaxy.com
Disclaimers
The TSX has not approved or disapproved of the information
contained herein.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
Certain information in this press release, including, but not
limited to, statements regarding the Bid, the Company's use of the
Bid and entering into the Plan, may constitute forward looking
information (collectively, forward-looking statements), which can
be identified by the use of terms such as "may," "will," "should,"
"expect," "anticipate," "project," "estimate," "intend," "continue"
or "believe" (or the negatives) or other similar variations.
Because of various risks and uncertainties, including those
referenced below, actual events or results may differ materially
from those reflected or contemplated in such forward-looking
statements. Factors that could cause actual outcomes related to the
Bid or strategy to differ materially from those described in such
forward-looking statements include, but are not limited to, a
change in the price of the Company's ordinary shares or in the
digital asset market or general economic conditions or regulatory
approvals. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to
be materially different from those expressed or implied by these
forward-looking statements. These risks include, but are not
limited to: the Company may decide not to repurchase any ordinary
shares pursuant to the Bid; the Company's ordinary shares may
experience price and trading volume volatility; changes in
applicable laws or regulations; the possibility that the Company
may be adversely affected by other economic, business, and/or
competitive factors; changes or events that impact the
cryptocurrency industry, including potential
regulation, that are out of our control; the risk that our business
will not grow in line with our expectations or continue on its
current trajectory; the possibility that our addressable market is
smaller than we have anticipated and/or that we may not gain share
of it; and those other risks contained in the Annual Information
Form for the year ended December 31,
2022 available on the Company's profile at
www.sedar.com. In connection with the forward-looking
statements contained in this press release, the Company has made
assumptions that no significant events occur outside of the
Company's normal course of business. Forward-looking
statements are not guarantees of future performance, accordingly,
you should not put undue reliance on forward-looking statements.
The forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement and Galaxy undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after that date or to reflect the
occurrence of unanticipated events.
SOURCE Galaxy Digital Holdings Ltd.