Maxim Power Corp. (TSX: MXG), one of Canada's largest independent power producers, announced on September 11, 2026 that it has received Toronto Stock Exchange approval to proceed with a new normal course issuer bid. Under the programme, MAXIM may purchase for cancellation up to 3,173,127 common shares, representing approximately 5% of its issued and outstanding shares as at September 2, 2026. The bid commences September 16, 2026 and may continue until September 15, 2027, signalling management's view that the share price may not fully reflect underlying corporate value.

Key Points

  • Maxim Power Corp. (TSX: MXG), a Calgary-based independent power producer
  • TSX has approved a new NCIB allowing repurchase of up to 3,173,127 common shares for cancellation
  • Programme runs September 16, 2026 to September 15, 2027, with a maximum daily purchase limit of 2,389 shares; previous NCIB repurchased 306,425 shares at a weighted average price of $4.42 per share
  • Investors may watch whether buyback activity accelerates given management's stated belief that shares may be undervalued

MAXIM's NCIB Structure and Daily Purchase Limits

The new NCIB permits MAXIM to repurchase shares on the TSX and alternative Canadian trading systems through a registered broker at prevailing market prices. Daily purchases are capped at 2,389 shares, equating to 25% of MAXIM's average daily trading volume of 9,557 shares for the six months ended August 31, 2026. The company may also make one block purchase per calendar week that exceeds the standard daily restriction. All purchases must comply with TSX requirements, and the total shares available for cancellation represent approximately 5% of the 63,462,546 shares outstanding as at September 2, 2026.

Automatic Share Purchase Plan to Cover Trading Blackout Periods

In connection with the NCIB, MAXIM intends to enter into an automatic share purchase plan with its designated broker, also effective September 16, 2026. The plan allows share purchases to continue during internal trading blackout periods when MAXIM would otherwise be restricted from market activity. Prior to each blackout period, MAXIM may instruct its broker to make purchases within pre-established parameters, with the broker retaining sole discretion over individual transactions during those windows. Outside of blackout periods, purchases will proceed at MAXIM's discretion under the standard terms of the NCIB.

Previous NCIB Results and Management's Rationale for Renewal

The new programme directly follows the expiration of MAXIM's prior normal course issuer bid, which was effective from September 16, 2025 and expires September 15, 2026. Under that earlier bid, MAXIM was approved to repurchase up to 3,182,528 shares and completed the purchase of 306,425 shares at a weighted average price of $4.42 per share as at August 31, 2026. Management stated its belief that the market price of the shares may not fully reflect their underlying value, and that buybacks would benefit remaining shareholders by increasing their proportionate interest on a pro rata basis.