Arbutus (ABUS): Up to 10.6% Before Costs From a Small-Holder Buyback

ABUS: Arbutus is conducting a Dutch-auction issuer bid to buy back up to US$230 million of its shares at a price it will set between US$5.00 and US$5.75, funded partly by the US$178 million it recently received from settling its Moderna dispute, which the company frames as returning cash to shareholders. The trade targets the odd-lot priority: holders of fewer than 100 total shares (99 or fewer) who tender all their shares are accepted ahead of larger holders and avoid the proration that could partially fill bigger orders. Against the 25 August 2026 close of US$5.20, a 99-share position (US$514.80 cost) yields between a 3.85% loss (if Arbutus pays the US$5.00 minimum) and a 10.58% gain (at US$5.75), before fees and tax. The offer closes 29 September 2026 at 5:00 p.m. ET, with expected payment around 2 October. Key risks: the final price is unfixed and could be US$5.00 (below the reference price); Arbutus may change, extend or cancel the buyback; and losing small-holder status or missing a required step forfeits priority.

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