Mogo to resume share repurchases under NASDAQ buyback program
21 März 2024 - 2:18PM
Business Wire
Company has approximately US$7.5MM additional
capacity under program
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a
digital wealth and payments business, today announced that it
intends to resume share repurchases under its share buyback program
on NASDAQ following the release of its Q4 & FY 2023 financial
results.
In 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 at an average price
of $2.36 per share. 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.
Mogo is repurchasing common shares under the buyback program
because it continues to believe that the market price of its common
shares does not accurately reflect their underlying value and the
repurchasing for cancellation of such common shares is intended to
enhance long-term shareholder value.
“We expect to remain active with our NASDAQ buyback program
given we continue to believe our shares are undervalued, especially
considering the recent progress, results and growth outlook in our
core business, in addition to our 13% ownership in WonderFi,
Canada’s only fully regulated crypto exchange,” said Greg Feller,
President & CFO.
About Mogo
Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a financial technology
company headquartered in Vancouver, Canada. With more than 2
million members, $9.9B in annual payments volume and a ~13% equity
stake in Canada’s leading Crypto Exchange WonderFi (TSX:WNDR), Mogo
offers simple digital solutions to help its members dramatically
improve their path to wealth-creation and financial freedom.
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
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. Through its wholly
owned digital payments subsidiary, Carta Worldwide, Mogo also
offers a low-cost payments platform that powers next-generation
card programs for companies across Europe and Canada. The Company,
which was founded in 2003, has approximately 200 employees across
its offices in Vancouver, Toronto, London & Casablanca.
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 program. 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/20240321315143/en/
Craig Armitage Investor Relations investors@mogo.ca US Investor
Relations Contact Lytham Partners, LLC Ben Shamsian New York |
Phoenix shamsian@lythampartners.com (646) 829-9701
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