VANCOUVER, B.C.—Kits Eyecare Ltd. (TSX: KITS), a leading vertically integrated eyecare provider based in Canada, has announced that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid (NCIB) to purchase a portion of its common shares. Under the NCIB, the company may repurchase up to 1,695,313 shares, according to the announcement, representing 5 percent of its issued and outstanding share capital. Any repurchased shares under the bid will be cancelled. As of May 22, 2026, the company had 33,906,264 issued and outstanding common shares.
Purchases under the NCIB may be made through open market transactions on the Toronto Stock Exchange and any other designated exchange or alternative trading systems in Canada on which the common shares are traded, based on the prevailing market price, the announcement stated. Transactions under the NCIB will depend on future market conditions, with KITS initially retaining discretion whether to make purchases and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable regulatory requirements. The bid opens today, June 3, 2026, will expire on June 2, 2027, or such earlier date on which the maximum number of common shares are purchased under the bid or the bid is terminated at the company’s election.
In making the announcement, the company advised that share purchases will provide the company with a capital allocation alternative with a view to long-term shareholder value. According to Kits management and its board of directors, the market price of common shares occasionally fails to reflect the company’s true underlying value, and purchasing shares for cancellation through the NCIB provides an opportunity to improve shareholder value. By offering a capital allocation alternative focused on long-term growth, the NCIB is expected to support an orderly market and serve the best interests of both the company and its shareholders.
In other recent news, in early May, Kits announced that revenue increased 23 percent year-over-year in the first quarter of 2026 to a record $57 million CAD, with glasses revenue increasing 61 percent year-over-year to a record $10.8 million CAD.
In April, the company announced two key leadership appointments, with the promotion of Tai Silvey to president and the promotion of Ibrahim Kamar to chief financial officer.
