Coveo Announces AMF Relief in Substantial Issuer Bid Press Release

MONTREAL and SAN FRANCISCO, July 06, 2023 (GLOBE NEWSWIRE) — Coveo Solutions Inc. (“Coveo” or the “Company“) CVO, a leader in AI platforms that transform digital experiences with intelligent search, recommendations, 1:1 personalization, and merchandising, announced today that the Autorité des marchés financiers (Québec) (the “AMF“), as Coveo’s principal regulator, has granted an exemptive relief order (the “Relief Order“) exempting Coveo from complying with the requirement that Coveo first takes up all of its subordinate voting shares (the “Shares“) deposited under its currently underway substantial issuer bid (the “SIB“) before extending the expiration date of the SIB, if Coveo ultimately determines to extend the SIB in the circumstance where the SIB is undersubscribed.

Under the SIB, Coveo offers to repurchase for cancellation up to C$40 million of its outstanding Shares. Holders of multiple voting shares of the Company (the “Multiple Voting Shares“) are entitled to participate in the SIB by depositing their Multiple Voting Shares to the SIB. Only those Multiple Voting Shares proposed to be taken up by Coveo will be converted into Shares immediately prior to take up. The SIB is being made by way of a “modified Dutch Auction”, allowing shareholders who choose to participate in the SIB to individually select the price, within a price range of not less than C$7.00 and not more than C$8.50 per Share (in increments of $0.10 per Share), at which they will tender their Shares or Multiple Voting Shares to the SIB. Upon expiry of the SIB, Coveo will determine the lowest purchase price (which will not be more than C$8.50 per Share and not less than C$7.00 per Share) that will allow it to purchase the maximum number of Shares properly tendered to the SIB, and not properly withdrawn, having an aggregate purchase price not exceeding C$40 million. Please refer to Coveo’s press release dated May 30, 2023 for further details regarding the SIB.

The SIB is not…

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