Mogo Receives Conditional TSX Approval Re: Acquisition of... Mogo Receives Conditional TSX Approval Related to Acquisition of Carta Worldwide
VANCOUVER, British Columbia -- (Business Wire) --
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), a financial technology company focused on empowering consumers with innovative digital financial solutions through its mobile app, today announced that it has received conditional approval from the Toronto Stock Exchange for the issuance and listing of up to an additional 10 million common shares in connection with the previously announced acquisition of Carta Solutions Holding Corporation, also known as Carta Worldwide (“Carta”), a leader in providing next-gen digital payments solutions. Under the terms of the agreement, no shares will be distributed to Carta’s shareholders until the earlier of Mogo’s 10-day vwap on the TSX reaching $7.45 or December 2021. The Company will hold a special meeting of shareholders to approve the acquisition of Carta on January 15, 2021 and expects to close the transaction by the end of January.
Carta’s modern issuing platform is the engine behind innovative fintech companies and products around the globe, powering over 100 card programs and providing vital processing technology to industry leaders in Europe and North America.
This acquisition is expected to:
- further enhance Mogo’s position as one of Canada’s leading fintech companies,
- significantly expand Mogo’s TAM by entering the global $2.5 trillion global payments market1,
- accelerate the growth of its subscription and transaction-based revenue, and
- strengthen the Company’s digital wallet capabilities which includes the development of its peer-to-peer payment solution planned for 2021.
“We are excited to be moving forward with this acquisition and expect to be able to close by the end of January,” said Greg Feller, President and Chief Financial Officer of Mogo. “With Carta’s next-generation digital payments platform, we will be well positioned to take advantage of the massive opportunity created by the accelerating shift of financial services to a fully digital experience.”