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Investing.com -- Shares of Neo Performance Materials Inc (TSX:NEO) climbed 7.1% following the announcement of a Normal Course Issuer Bid (NCIB) and the commencement of trading on the OTCQX market. The Toronto-based company, specializing in advanced rare earth materials, revealed that the Toronto Stock Exchange (TSX) has accepted its notice to repurchase up to 3,297,296 of its common shares, representing approximately 10% of the public float as of May 30, 2025.

The buyback program is set to begin on June 11, 2025, and will extend until June 10, 2026, or until the bid is complete. Purchases will be made through the facilities of the TSX or alternative Canadian trading systems, with the price paid being the market price at the time of purchase. Shares acquired under the bid will be cancelled, potentially benefiting remaining shareholders by increasing their equity interest in the company.

Neo Performance Materials believes that its shares have been trading at prices that do not fully reflect the company’s value in relation to its business and future prospects. The company’s management considers the repurchase of shares an attractive investment and a means to deliver value to its shareholders.

In addition to the share buyback announcement, Neo has also commenced trading on the OTCQX Best Market under the symbol "NOPMF" on the same day. The OTCQX Best Market is the top tier of OTC Markets, which includes 12,000 U.S. and global securities. This move is expected to improve visibility and access for U.S. investors and comes as part of Neo’s efforts to expand its shareholder base and support the growing demand for critical materials used in electrification and modern technologies.

Neo’s CEO, Rahim Suleman, commented on the company’s strategic developments, stating, "We are pleased to begin trading on OTCQX, which enhances Neo’s visibility and accessibility for U.S. investors. As a global leader in advanced rare earth materials, with a strong balance sheet and a growing magnetics business in Europe, we are well-positioned to support the accelerating demand for critical materials in electrification and other modern technologies. Trading on OTCQX provides an additional platform to broaden our shareholder base as we continue to execute on our strategic priorities and drive long-term value."

This content was originally published on http://Investing.com