NEW YORK, June 26, 2020 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX) today announced the approval by the Company's Board of Directors of a 12-month extension to its share-repurchase program through June 30, 2021. The current share-repurchase program authorized the Company to repurchase up to $200 million of its common shares, of which approximately $89.4 million remains available, and was set to conclude on June 30, 2020.
The Company has repurchased a total of approximately 6 million of its common shares for an aggregate purchase price of approximately $110.6 million pursuant to the current share-repurchase program since it commenced on July 1, 2017. With this extension effective July 1, 2020, the Company remains authorized to repurchase up to approximately $89.4 million worth of common shares through June 30, 2021. In light of the current operating environment, the Company does not currently intend to repurchase shares.
Repurchases to date by the Company pursuant to the share-repurchase program have resulted in an approximately 9% net reduction in shares outstanding since the program began on July 1, 2017. This includes repurchases of 2,484,123 common shares in the first quarter of 2020.
Repurchases under the Company's share-repurchase program may be made either in the open market or through private transactions, subject to market conditions and applicable legal requirements. IMAX has no obligation to repurchase shares, and the share-repurchase program may be suspended or discontinued by the Company at any time. In addition, the $200 million authorization does not include shares repurchased in connection with the administration of employee share-based compensation plans.