- Canadian financial technology company Mogo Inc. has announced details of its share buyback program for the 2023 calendar year
- Mogo stated that during the 12 months that ended Dec. 31, the company repurchased and cancelled 474,353 common shares under its share buyback program on NASDAQ and TSX
- The Canada-based digital finance company has more than 2 million members and $9.6 billion in annualized payments volume
- Mogo shares were up C$0.10 as of 11:02 am Tuesday, trading at C$2.53
Canadian financial technology company Mogo Inc. (TSX:MOGO; NASDAQ:MOGO) has announced details of its share buyback program for the 2023 calendar year.
Mogo stated in a news release that during the 12 months that ended Dec. 31, 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.
The company has repurchased 1,074,353 common shares to date – a figure that includes 600,000 common shares repurchased under the NASDAQ buyback program in 2022. The total represents 4.4 per cent of Mogo’s current outstanding common shares. Mogo has 24.5 million common shares issued and outstanding.
The average price of the 369,553 shares purchased on the NASDAQ was US$1.82, while the average price of the 104,800 TSX shares was C$2.04. All common share amounts and prices have been adjusted to reflect the company’s 3:1 share consolidation that was implemented in August 2023.
“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 per cent ownership in WonderFi, Canada’s only fully regulated crypto exchange,” Greg Feller, Moto president and chief financial officer, said in a statement.
The Canada-based digital finance company has more than 2 million members and $9.6 billion in annualized payments volume through digital solutions to help members with wealth creation. 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. 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.
Mogo shares were up C$0.10 as of 11:02 am Tuesday, trading at C$2.53. Mogo stock is up from its 2023 low of C$1.35, but down sharply since it hit an all-time high of C$43.05 in March 2021.
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