The holding company intends to increase the share price through consolidation and share buybacks.
Victoria based holding company Tiny has received conditional approval to list on the Toronto Stock Exchange (TSX) as its share price approaches record lows.
(Update 10/01/2025: Tiny has completed its transition to the TSX. It has also received approval for a regular issuer offering that will allow it to buy up to 1.47 million common shares over the next 12 months, or about five percent of its total common shares.)
Tiny has traded on the early-stage venture capital exchange TSX Venture Exchange (TSXV) since 2023, when it combined with its publicly traded subsidiary WeCommerce. The company may exit the exchange if it achieves significant growth in assets and working capital, as well as other requirements, according to Direct brokerage service of the National Bank.
“All of this feeds into the idea of better liquidity. [and] institutional base.”
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Tiny
Since acquiring the DJ software, Tiny has been working to comply with release requirements, including improving disclosure and governance practices. Evening CEO Jordan Taub told BetaKit in an interview earlier this year.
“Exiting the TSXV from the TSXV is a natural progression that essentially allows us to access a larger pool of institutional investors, greater market visibility, [and] better liquidity,” Taub said.
In addition to the issuance, Tiny will also undertake an eight-for-one share consolidation that its shareholders approved in June. Taub said the consolidation is “linked” to the TSX listing.
“All of this feeds into the idea of better liquidity. [and] institutional framework, they are an integral part, right?” – said Taub. “It was a good time to do both at the same time.”
The company also announced a share repurchase. The repurchase window gives Tiny one year to purchase about five percent of its shares after consolidation, which will then be returned to the Treasury for cancellation. Companies often consolidate and buy back their shares to increase their value by reducing supply. The moves follow a decline in the holding company's share price over the past year, which recently hit a record low of 77 cents per share.
“I think [the stock buyback] is something we want to have in our toolbox,” Taub said. “When we look at our share price and think about the intrinsic value of the business, if the opportunity presented itself, we might repurchase our shares.”
The graduation, share consolidation and share repurchase are expected to occur on October 1, subject to the approval of the TSXV and final approval of the TSX.
Tiny has been starting, purchasing and investing in internet businesses, especially e-commerce, since 2007. Tiny says it has founded 11 companies and has a majority stake in 40 more and minority investments in 90 others. These include interface designer MetaLab in 2017, coffee maker brand AeroPress in 2021, film-focused social media platform Letterboxd in 2023, and Evening earlier this year.
Last year, Tiny co-founders Andrew Wilkinson and Chris Sparling resigned from their roles as co-CEOs, promoting Taub, the head of its WeCommerce subsidiary, to the top job.
Image provided Yashovardhan Singh by using Unsplash.
