Mogo repurchases 4.4% of outstanding shares since June 2022
02 Januar 2024 - 1:51PM
Business Wire
Company repurchased a total of 474,353 shares
in 2023 and 600,000 shares in 2022
1.7 million additional shares (or 7% of
outstanding shares) remain authorized for repurchase until March
21, 2024
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”),
one of Canada’s leading financial technology companies, today
announced that, during the 12 months ended December 31, 2023, the
Company repurchased and cancelled 474,353 common shares under its
share buyback program on NASDAQ and its normal course issuer bid on
the Toronto Stock Exchange (“TSX”). Including the 600,000 common
shares repurchased in 2022 under the NASDAQ buyback program, the
Company has repurchased 1,074,353 common shares to date,
representing 4.4% of the Company’s current outstanding common
shares. The Company currently has 24.5 million common shares issued
and outstanding.
Exchange
Shares Repurchased in
2023
Average Price
NASDAQ
369,553
US$1.82
TSX
104,800
CA$2.04
“We expect to remain active with our buyback programs while our
shares do not accurately reflect the underlying value of our
business – both the core business and our 14% ownership in
WonderFi, Canada’s only fully regulated crypto exchange,” said Greg
Feller, President & CFO.
All common share amounts and prices referred to in this press
release have been adjusted to reflect the Company's 3:1 share
consolidation that was implemented in August 2023.
About Mogo
With more than 2 million members and $9.6B in annualized
payments volume, Mogo (NASDAQ:MOGO, TSX: MOGO) is one of Canada’s
leading and most innovative fintechs. Mogo is disrupting the
multi-trillion- dollar Canadian wealth industry with simple digital
solutions to help members dramatically improve their path to
wealth-creation and financial freedom. Mogo’s trade app, MogoTrade,
offers commission-free stock trading that helps users thoughtfully
invest based on a Warren Buffett approach to long-term investing –
and make a positive impact with every investment. Moka, Mogo’s
wholly-owned subsidiary, offers Canadians a real alternative to
mutual funds that overcharge and underperform with a passive
investing solution based on a S&P 500 strategy at a fraction of
the cost of typical mutual funds. Together, these products offer a
holistic solution for best-in-class passive and active investing
that is built to optimize the wealth-building of Canadians, not the
fees they generate. Through its digital payments subsidiary, Carta
Worldwide, Mogo also offers a payments platform that powers the
next-generation card programs from innovative fintech companies in
Europe and Canada. To learn more, please visit mogo.ca or download
the mobile app (iOS or Android).
Forward-Looking Statements
This news release may contain “forward-looking statements”
within the meaning of applicable securities legislation, including
statements regarding future activity under the Company’s share
buyback programs. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at the time of preparation, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, and may prove to be incorrect.
Forward-looking statements are typically identified by words such
as "may," "will," "could," "would," "anticipate," "believe,"
"expect," "intend," "potential," "estimate," "budget," "scheduled,"
"plans," "planned," "forecasts," "goals" and similar expressions.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual financial
results, performance or achievements to be materially different
from the estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future
performance. Mogo’s growth, its ability to expand into new products
and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo’s control. For a description of the risks
associated with Mogo’s business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedarplus.com and www.sec.gov. Except as required
by law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240102219130/en/
For further information:
Craig Armitage Investor Relations investors@mogo.ca (416)
347-8954
US Investor Relations Lytham Partners, LLC Ben Shamsian New York
| Phoenix shamsian@lythampartners.com (646) 829-9701
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