GRAND CAYMAN, Cayman Islands, June 18, 2026 /CNW/ - xTAO Inc. (TSXV: XTAO.U) (OTC: XTAIF) (the "Company" or "xTAO"), a publicly traded technology company focused on building infrastructure for Bittensor and its decentralized AI ecosystem, today announced that its Board of Directors has authorized the Company to proceed with a normal course issuer bid (the "NCIB") to purchase for cancellation, from time to time, as the Company considers advisable, up to 1,427,609 common shares of the Company ("Common Shares"), representing approximately 5% of the Company's currently issued and outstanding common shares. The proposed NCIB remains subject to acceptance by the TSX Venture Exchange (the "TSX-V").
"The proposed NCIB demonstrates our conviction in the value of xTAO, and provides us with flexibility to act when the market price of the Common Shares does not appropriately reflect the value of xTAO's business," said Karia Samaroo, Founder and Chief Executive Officer of xTAO. "Our objective is to allocate capital in the manner that creates the greatest long-term value per share."
Subject to TSX-V acceptance, purchases of Common Shares will be made on the open market through the facilities of the TSX-V, in compliance with regulatory requirements at the prevailing market price of the Common Shares at the time of acquisition. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company and will depend on prevailing market conditions.
The NCIB will commence on a date to be determined following acceptance by the TSX-V and satisfaction of all applicable commencement requirements, and will remain in effect until the earlier of (i) the date that is 12 months following commencement of the NCIB, (ii) the date on which the Company acquires the maximum number of Common Shares permitted under the NCIB, or (iii) the date upon which the Company provides written notice of termination of the NCIB to the TSX-V. The Company intends to retain Ventum Financial Corp. as its designated broker to execute purchases pursuant to the NCIB on its behalf.
To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any Common Shares under the NCIB. The Company has not purchased any Common Shares during the 12 months preceding the date of this news release.
About xTAO
xTAO is a technology company building infrastructure for the Bittensor ecosystem. xTAO is committed to advancing Bittensor and decentralized AI through building infrastructure and making strategic investments. xTAO is headquartered in the Cayman Islands and is publicly listed on the TSX Venture Exchange under the ticker "XTAO.U." Learn more at www.xtao.co.
On Behalf of the Board of Directors of xTAO Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure to obtain TSX-V acceptance for the NCIB, changes required by the TSX-V, applicable commencement requirements, market liquidity and the possibility that the Company may purchase fewer Common Shares than permitted or none at all, the proposed appointment of Ventum Financial Corp., the commencement and duration of the NCIB, the number and timing of any purchases, the operational performance and uptime of the Company's validator infrastructure; the ability of the upgraded nodes to maintain or improve network ranking; fluctuations in the Bittensor (TAO) staking yield and reward emissions; technical risks associated with the Bittensor protocol and Yuma Consensus; the evolving cryptocurrency regulatory requirements; xTAO value risk; reliance on key personnel; lack of operating history; competitive conditions; cybersecurity risks; market price of the common shares of the Company; internal controls; and the potential for technological vulnerabilities within the decentralized AI ecosystem.
Although management of the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.
SOURCE xTAO Inc.
For more information, please contact: Karia Samaroo, CEO, xTAO Inc., [email protected], (604) 704-4373
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