Mogo Announces Share Buyback Program


Vancouver-based digital finance company, Mogo, has announced its plans to initiate a share buyback program. The program will allow Mogo to repurchase up to 10% of its common shares listed on the Toronto Stock Exchange over the course of one year. This move comes after receiving approval from the Toronto Stock Exchange for its normal course issuer bid. Mogo is looking to acquire approximately 2.2 million shares through this buyback initiative.

Mogo’s stock has experienced a modest increase since the start of 2023, rising about 4.9%. However, over the past 52 weeks, the stock has seen a decline of nearly 50%. Despite this, the company remains optimistic about its future prospects.

Based on Friday’s closing price of 2.36 Canadian dollars per share, the total value of the shares under consideration for repurchase amounts to approximately C$5.2 million.

The buyback period will officially commence on March 22 and is scheduled to conclude on March 21, 2024. These dates align with Mogo’s existing repurchase program on the Nasdaq, where it has already repurchased 176,456 common shares at an average price of $2.07. The company still has the opportunity to buy back an additional 2 million common shares under this Nasdaq program.

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