Mogo (MOGO) to Resume Share Buyback

Mogo Inc. (NASDAQ: MOGO) 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.

You May Also Be Interested In

• Berkshire shares climb to highest level under Abel on strong results, new stakes
• Nvidia partners with six financial firms to raise $500B for AI infrastructure
• Globe Life board approves $2.5 billion share repurchase program