, have climbed 33 per cent since its IPO in September, 2020, yet have plummeted 74 per cent from their peak.
In Canada, buybacks are also common. The Big Six banks, for example, have routinely repurchased shares for years. Because they pay large dividends, buying back stock helps them to lower quarterly payouts – or at least offset the dividend hikes that investors have come to expect. Typically, VerticalScope uses its cash to acquire new sites. Lately, though, management has been frustrated by a decimated stock price that they felt “was just grossly undervalued,” Mr. Goodridge said. Before a recent rebound on the back of encouraging earnings, the company’s shares were down 66 per cent from their IPO.
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