The constraint in any exchange-governed repurchase program is the issuer bid framework itself. Canada's Normal Course Issuer Bid regime, administered through the Toronto Stock Exchange, controls the total and daily share volumes a company may repurchase on the open market, and it requires advance exchange acceptance before buying can begin. Coveo Solutions Inc. (TSX: CVO), the AI search and generative experience provider headquartered in Montreal and San Francisco, disclosed July 15, 2026 that its board has authorized a renewal of both its NCIB and an Automatic Securities Purchase Plan.
Where the ASPP fits in the stack
The Automatic Securities Purchase Plan is the instrument that lets a company continue buying during its own blackout windows. Before a restricted period opens, the company establishes pre-set parameters with a broker; the broker then executes purchases within those boundaries without further direction from the issuer. That separation is the point. It removes discretion from insiders at the moment when inside information may exist, while still allowing the NCIB's authorized volume to be deployed.
The ASPP operates within the outer limits already set by the NCIB. The two instruments work together: one sets the ceiling, the other governs execution when the company itself cannot be in the market.
What the disclosure leaves open
Coveo describes itself as "the leader in AI-Relevance, delivering best-in-class search and generative experiences." The July 15 announcement confirms board authorization and TSX involvement but does not disclose the maximum number of shares subject to the renewed bid, the daily purchase cap, or the program's commencement date.
Without those figures, the economic intent stays opaque. Actual repurchase activity will surface in subsequent TSX filings. The announcement establishes authority; the trading record will establish intent.