India, July 17 -- On Friday, Docebo Inc. (DCBO), an AI powered workforce company, announced that its Board of Directors has approved for a substantial issuer bid under which the company will offer to repurchase for cancellation up to $70 million of its outstanding common shares for $20.40 per common share.
On the Nasdaq, the shares were trading 9.28 percent higher at $20.26.
The company intends to fund the bid with $10 million of cash on hand and approximately $60 million drawdown on its credit facility. It believes that the offer is in the best interests of the company and represents a desirable use of a portion of its existing liquidity.
In relation to the offer, the company has released the preliminary financial results for the second...