Ascend Wellness Holdings, Inc. completed the repurchase for cancellation of 11,000,000 shares of its Class A common stock on December 17, 2024. This transaction represented over 5% of the outstanding Class A common stock and was executed in a private transaction from an institutional investor.
The shares were repurchased at a significant discount to the closing price on the Canadian Securities Exchange. The company received consent from its term loan holders to repurchase up to $5 million of its common shares.
CEO Sam Brill stated that the market valuation did not fully reflect the company's value, and this repurchase was a strategic step to support existing investors by reducing pressure on the stock and decreasing the float. This action is considered accretive to shareholders.
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