AutoCanada Inc. (TSX:ACQ) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to CAD 50 million worth of its outstanding shares. The shares will be tendered at a price of not less than CAD 25 per share and not more than CAD 28 per share.

The company plans to fund the offer from available cash on hand and drawings under its credit agreement. If the aggregate cost to purchase the tendered shares exceeds CAD 50 million, the company will accept such shares on a pro-rata basis after giving effect to ?odd lot? tenders, which will not be subject to pro-ration.

The bid will expire on December 16, 2022, unless extended or withdrawn. As of November 8, 2022, the company had 25,402,988 Shares issued and outstanding.