Standard Mercantile Acquisition Corp.(TSX:SMA) announces a share repurchase program after receiveing approval from TSX for its normal course issuer bid. Under the program, the company will repurchase up to 451,933 Class A shares, representing 6.18% of its issued and outstanding Class A shares. All Shares purchased under the bid will be cancelled upon their purchase.

The bid will commence on December 20, 2022 and will terminate on December 19, 2023 or such earlier time as the bid is completed or terminated at the option of the company. As of December 16, 2022, the company had 7,318,067 Class A shares issued and outstanding. The purpose of the NCIB is to distribute net proceeds under the amended Orderly Wind-Up to Shareholders.

In connection with the bid, the company has entered into an automatic purchase plan with its broker to allow for the purchase of shares at times when company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise, in accordance with applicable Canadian securities laws.